Hines and Union Investment to acquire MediaWorks Munich from Blackstone for €610m.

Hines, the international real estate firm, and Union Investment, the investment arm of the DZ Bank Group, agreed to acquire MediaWorks Munich, an office real estate project, from The Blackstone Group, for €610m. "With MediaWorks Munich, we are participating in a significant investment in one of Munich's most attractive submarkets. In addition, this acquisition is testament to our belief in one of the most dynamic office locations in Europe. The site offers the best conditions for a sustainable project and we look forward to leveraging the great development potential together with Union Investment over the coming years," Alexander Möell, Hines Senior Managing Director.