ABG Capital acquires Munich mixed-use scheme (DE)

ABG Capital acquires Munich mixed-use scheme (DE)

ABG Capital, the newly-founded investment management unit of ABG Real Estate Group, together with occupational pension plans as joint venture partners, has acquired an existing property located in Munich (Sonnenstrasse 20 – project “Franz”). The residential and commercial building, with some 4,500m² of rental floor space – which will predominantly be used for offices – is located very close to Munich’s famous “Stachus” square. The property will be completely refurbished, and a new building will be added to the inner courtyard. The envisaged flexibility of the planned office floor space will permit the development of open-plan workspaces as well as individual offices – providing for effective protection in the wake of the coronavirus pandemic, amongst other benefits. ABG Development will manage the construction project, which is scheduled for completion by the end of 2023. Total investment volume will amount to approximately €70m.

 

Ulrich Holler, Managing Partner at ABG Real Estate Group, said: “Following shortly after ABG Capital’s establishment, this project marks the successful launch of the company’s operations. With the acquisition of the Franz project and a further transaction of property in construction, the entity has already executed investments in excess of €300m during its first few months.”

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