Hines has completed the acquisition of the 87,209ft² DAS GOETHE scheme in Munich, on behalf of a European insurance group, for an undisclosed price. The construction of the residential and commercial city centre project was completed at the end of April, after being sold by ZIMA Immobilienentwicklung GmbH in 2017. Hines served as an investment manager for the acquisition and will provide ongoing asset management services for the property.
Located at Goethestraße 30-34 in the immediate vicinity of Munich's main train station, the property offers 74 high-quality rental apartments with a total living space of around 56,000ft² - part of which will be in a heritage-protected rear house and the other part in a newly constructed building. A further 31,209ft² of retail space has been leased primarily to retailers REWE and DM. In addition, the property includes an underground parking garage with 76 spaces. The commercial space has already been opened and some of the apartments have been handed over to incoming tenants.
Alexander Moll, Senior Managing Director at Hines Immobilien, said: “DAS GOETHE offers attractive, high-quality residential and commercial space in a prime downtown location in the rapidly changing neighbourhood of Munich main station. We look forward to continuing to develop the property as asset manager following the successful closing of the acquisition. DAS GOETHE is a valuable addition to the Hines European residential portfolio, which we intend to further expand in the future.”
Florian Scholze, Managing Director at ZIMA Immobilienentwicklung GmbH, commented: “The urban and creative southern station district has the potential to become Munich's new and most attractive district. DAS GOETHE’s residential and commercial property makes a positive contribution to the area and creates attractive living space in the heart of Munich.”