Patrizia has acquired on behalf of its institutional clients a prime development site in Munich, Germany, where it will construct a brand new, state-of-the-art 15,700m² office building.
The site is situated in the heart of the Werksviertel, Munich’s new prime office mixed-use district near Ostbahnhof. Construction is due to be completed by the end of 2023. The area combines old and new, including a mixture of historic factory buildings and contrasting modern structures, as well as amenities, leisure and cultural attractions, such as Munich’s new Concert Hall, making this a highly sought-after area for businesses, visitors and residents alike.
Johannes Haug, Head of European Real Estate Development at Patrizia, commented: “This acquisition presented us with an exciting opportunity to build on Werksviertel’s rich history and be part of the area’s incredible transformation, which over the last few years has seen it become one of the most vibrant new redevelopment areas in Germany. We are looking forward to our next acquisitions and being a significant player in Munich’s real estate market”.
The building has been designed with flexibility and sustainability at its core to ensure this modern building meets the office space requirements for tenants today and in the future. The asset will also incorporate mixed-use elements at street level, adding to the area’s leisure and retail offering, as well as roof gardens on various levels. The project is in an excellent location, easily accessible via train, subway, bus, car, bike or on foot. The area is well served by local public transport to and from Ostbahnhof, which connects to the regional and national railway network.
Mirjam Link, Regional Manager of the Munich Office and Head of Real Estate Development Germany South added: ”When we started designing the building we put flexibility, efficiency and sustainability at the heart of the project and made sure that wellbeing and collaborative working was considered throughout. We are creating a modern and future-proof office building that is well placed to meet occupiers’ demand for high quality office space. That enables us to deliver strong returns to our investors."