Union Investment has acquired the planned “Neue Balan Haus 27” office building in Munich. The vendor is Allgemeine SUDBODEN Grundbesitz AG. The parties agreed not to disclose details of the transaction, but the purchase price was over €100m.
The site on Balanstraße formerly occupied by the Infineon headquarters building has been transformed into a vibrant campus spanning some 8.5 hectares and including a 50-metre pool and a total of around 170,000m² of space for offices, food outlets, retail and fitness, as well as a university and a Montessori school. Haus 27, located at the junction of St.-Martin-Straße and Balanstraße, will offer 32,151m² of attractive office and display space spread over nine floors and inspired by the Bauhaus architectural tradition, with sky gardens and roof terraces. There will also be parking for 330 cars on two basement levels. Completion is scheduled for the first quarter of 2021, after which tenants will be able to move in. The property is already around 60% let, with the vendor providing a rental guarantee for the remaining unlet space. The main tenants who have already committed to the building are Autodesk, a software company, and Jameda, an online advertising portal for the healthcare sector.
“The Neue Balan campus is a compelling work-life balance concept offering a high degree of flexibility. This type of development is rare in Munich. Space caters to the latest requirements of many national and international SMEs and start-ups,” said Alejandro Obermeyer, head of Investment Management DACH at Union Investment Real Estate.