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Germany: Brera Serviced Apartments has sold its Munich property to a bank based in southern Germany.
The property, in the western part of Munich was sold within a structured bidding process to a South German bank which will retain Brera as the main tenant.
As well as 59 serviced apartments, the building includes a restaurant and an architectural office. The property was sold through LR Immobilienverwaltung GmbH & Co.KG, the main investor of Brera Serviced Apartment GmbH.
The selling price was 23 times the yearly net rent. JLL advised on the sale.</p
