ABG Real Estate Group has sold a residential estate with 66 means-tested subsidised apartments together with commercial space, from the “LIVING STAR” project development on the former OSRAM premises in Munich’s Giesing district. The buyer is BayernHeim, the state-owned housing association. The 66 apartments are situated in a building ensemble with three entrances and a total floor area of 6,875m².
This project comprises 17 buildings with a total of 423 apartments, built on the former OSRAM premises in Munich-Giesing, close to the floodplains of the Isar river. The 31,500m² site offers living space for more than 1,000 residents. Total project investment volume amounts to approximately €300m. Close to 100 of the apartments – with a floor area of around 9,800m² – are subsidised.
Ulrich Holler, Managing Partner at ABG, said: “The ‘LIVING ISAR’ project developed by ABG is a new urban quarter that will provide a home for over 1,000 people. With the subsidised apartments, we are creating an attractive offer with low rents in the tight Munich housing market.”
