Cain International (‘Cain’), the privately held investment firm operating in the United States and Europe, and its joint venture partner, FREO Group (“FREO”), have agreed the first letting at Koryfeum, an 80,400 sq m office development in Munich. Cain’s European Real Estate Opportunity Fund I (‘EREO I’) acquired a 50 per cent stake in the asset in May 2021.
The joint venture partners have agreed an 11-year lease for 4,200 sq m with Bechtle AG, the largest business-to-business IT service provider by revenue in Germany. Due to take occupancy in April 2023, Bechtle’s employees will benefit from a range of campus amenities, including restaurants and sports and recreational facilities.
Comprising a total of six buildings, Koryfeum will be delivered in three phases, with the first phase due for delivery in Q22023, and will target leading ESG certifications, including DGNB Gold and WiredScore. The development will offer numerous parking spaces for tenants, including charging facilities for cars and bicycles, and benefits from near proximity to public and private transport links, including the Unterschleissheim S-Bahn station and the forthcoming bicycle highway that will provide efficient commuting between Munich-Unterschleissheim and the city centre.
“Koryfeum is set to bring a new breed and class of office space to the supply- constrained Munich-Unterschleissheim submarket,” said Daniel Harris, Managing Director, Head of European Investment at Cain International. “As we near the completion of the first phase of the development, occupier demand has been strong and we are pleased to welcome a tenant of Bechtle AG’s calibre as the scheme’s first occupier. We look forward to continuing our work with FREO, reaching further milestones and signing more tenants in the coming months and years.”
Patrick Burkart at FREO Group said: “We are excited to have agreed our first letting in the first phase of the business campus. Located on Landshuter Strasse, the office development is already situated within a fast-growing innovation and technology hub, and Bechtle AG will further add to the impressive mix of tech occupiers in the area. Koryfeum is bringing much needed modern, sustainable and best-in-class office space to Munich-Unterschleissheim, the largest city within the Munich district, and we expect to announce further occupiers in the near term.”
Cain International and FREO were advised byCBRE, Graf Real Estate GmbH and GSK Munich.