Commerz Real, acting together with the project developer Hines, has acquired the quarter “Am Tucherpark” from Hypovereinsbank. The scheme comprises ten buildings and is located in Munich’s Schwabing district. The purchase price was not disclosed. The mixed-use project, which enjoys close proximity to the English Garden is known as the HVB Campus and has a gross floor area of some 148,000m². These are distributed across seven office buildings with approx. 99,000m²s, a 5-star Hilton Hotel with 484 rooms on approx. 36,000m², a computing centre with approx. 10,800m², as well as a sports complex with some 2,300m². The properties were erected in the 1960s and 1980s, whereby the majority of the buildings have been refurbished since 2018. Additionally, the scheme benefits from a parking facility for 1,500 vehicles.
Hypovereinsbank will remain the tenant in the office building it currently occupies and the sports complex of its “Am Tucherpark” club, thus securing stable cash flow for hausInvest. Commerz Real and Hines intend to develop the quarter and make it available to a wider public.
“Just less than 15 hectares with major development potential, and this in downtown Munich – a unique opportunity for our investors,” said Andreas Muschter, Chief Executive Officer of Commerz Real.
"Although our plans are still in their infancy, it is our objective to also create subsidised, affordable housing and thus contribute to easing the pressure on the housing market in Munich,” explained Alexander Moll, Senior Managing Director at Hines Germany.
