pbb Deutsche Pfandbriefbank has provided a €91m financing to Allgemeine SUDBODEN Grundbesitz for the construction of an office and retail building on the "Neue Balan" site in Munich Haidhausen/Ramersdorf. The new building offers a total lettable area of some 28,000m² and an underground car park with 330 parking spaces. The building will have nine floors, and will be accessed via two entrance halls. Construction has already begun and is scheduled for completion by the end of 2020.
Allgemeine SUDBODEN Grundbesitz acquired the former Infineon site in 2006. Conversion and expansion to an office and industrial site started in 2007: existing buildings were completely renovated and extended by new buildings where required. The site, which was awarded the "Building Healthy Places" prize by the Urban Land Institute Germany, has a usable space of around 130,000m². A wide variety of companies from the fields of IT/software, financial exchanges, advertising, apparel, media, communication, gastronomy, design, architecture and construction have been successfully attracted to the development. Allgemeine SUDBODEN Grundbesitz Verwaltung arranges the rentals.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb, said: "This is already the fifth new building we have financed on this site. The area is attractive for companies of all sizes and from all sectors. It further strengthens Munich as a business location."
