CA Immo investing in Munich (DE)

Having acquired the 50% partnership share of OFB Projektentwicklung in SKYGARDEN, which was recently completed in Munich's Arnulfpark, CA Immo is the sole owner of the office building. The acquired property value amounts to around €63 million.


The office building was completed in August 2011.

"By acquiring the OFB shares, we are consolidating our investment on the Munich real estate market, which will continue to be key for us in future, and at the same time enhancing the asset portfolio of CA Immo with another landmark property," says Dr. Bruno Ettenauer, Chief Executive Officer of CA Immo, commenting on the acquisition.

The office building, which was completed in August 2011, has total gross floor space of around 34,000 m². The project was undertaken in a joint venture between CA Immo and OFB Projektentwicklung.

The largest tenant is the management consulting and auditing company PricewaterhouseCoopers, which established its new Munich headquarters across some 17,500 m² of floor space as soon as the building was ready for occupancy.

The SKYGARDEN structure was conceived and realized as a green building; its most striking feature is the winter garden conservatory spanning several levels. The gardens serve to improve the climate whilst optimizing the building's energy system. Gold LEED certification is at the preparation stage.

In Munich, CA Immo is also working on AMBIGON (an office and commercial complex that includes a medical center) in the Schlossviertel Nymphenburg area; retail outlets and the medical center commenced operations in October of this year. Completion of the entire complex is scheduled for the end of 2011.

Other development projects currently in progress in the city include the new Baumkirchen Mitte district, the site surrounding the Freimann repair works and the Eggarten estate.

Source: CA Immobilien Anlagen AG

Related News