Athos Family Office could acquire prime property in Munich

Union Investment wants to sell the Fünf Höfe shopping district in downtown Munich. This is reported by the real estate newspaper and therefore refers to consistent information from the Munich market. The property has been part of the Uniimmo Europa real estate fund open since 2003. With a share of 4.6 percent, the building constitutes the fund's largest investment. In the most recent report, his market value stood at 715 million euros.

Union Investment would have contacted the seller directly; Conren Land reportedly acted as asset manager for Athos. According to industry service Thomas Daily, Colliers was allegedly involved as a consultant. The transaction, first reported by React News, is expected to be completed by the end of the year. Union Investment is currently exploring other sales opportunities in Germany, particularly in the office sector. The aim is to have liquidity available to reinvest in smaller properties in the Logistics, European Living and Local Sourcing classes.

Another argument in favor of a sale is that Union Investment chief executive Martin Brühl announced in February that he would approach “sales specifically in Germany based on our established real estate assets.” It does not exclude large volume transactions.

The purchase price would be between 750 and 800 million euros. The Athos family office is considered a potential buyer. Athos is the investment company of Hexal founders Andreas and Thomas Strüngmann. If the deal goes through, it would be the family office's second official purchase of a well-known property in a good year.

However, the transaction does not yet seem clear. Union Investment has not yet officially announced a possible sale – the Fünf Höfe are therefore still part of Uniimmo Europa.


The shopping district extends through downtown Munich along Kardinal-Faulhaber-Strasse, Salvatorstrasse and Theatinerstrasse and comprises 49,000 square meters of lettable space. Of this area, 14,000 square meters are occupied by 60 stores. The main part is made up of offices of 24,300 square meters.

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