Invesco Real Estate (IRE), the global real estate investment manager, is pleased to announce the “first milestones” of its repositioning, refurbishment and re-letting programme at Neue Hopfenpost, a 50,000m² multi-use asset in Munich’s Arnulfpark, acquired in May 2015 for IRE’s flagship pan-European strategy.
Christian Freundl, Director of Asset Management, Germany comments: “Neue Hopfenpost is an incredible asset with unique technical features. Our strategy has been to reconfigure it into an “urban, mini-city” building to accommodate varied, future-focused occupiers.
“We are delighted to announce the achievement of the first milestones in this repositioning within a nine-to-twelve-month time period. These include the letting of 70% of the vacant space; 6,800m² of space renewed or relet to tenants whose strategy supports the new building concept; working with Amazon to provide the space for their Prime Now facility – the second only in Germany - to meet today’s consumers’ requirements; Box Kitchen for their new gym and sports events facility; and a completely renovated circa 2,300m² REWE store. Today our occupier mix includes education/training/university facilities; retail and office space; last mile logistics; data centres and call centres as well as a doctor’s surgery.”
Christian continues: “With Neue Hopfenpost we have provided Amazon with an optimal facility and the needed infrastructure for the Amazon Prime Now service where prime customers in the Munich area can expect deliveries within a one or two-hour window, typically using e-cargo bikes whenever possible. The redevelopment project of Neue Hopfenpost, which we believe provides a solid investment into Munich’s real estate market, is complemented by good accessibility in an established yet improving central location with high pedestrian frequency and good visibility. In addition, the area surrounding Hopfenpost will benefit from the current major refurbishment taking place and the development project currently being undertaken at Munich’s Central station.''
Neue Hopfenpost forms part of IRE’s €2.3bn portfolio for its flagship pan-European open-ended strategy.
