Oaktree Capital Management, L.P. (Oaktree) took control of the Luxembourg-based company of office development Elementum. Oaktree will become the new majority owner of the approximately 70,000m2, 80% of which has already been pre-leased, at Munich Central Station and has appointed ACCUMULATA to manage the project.
Oaktree and ACCUMULATA will continue working on the project with the existing planning teams and companies, including Renovation and partial construction of the former Postbank. Recently, the building was partially gutted and the final groundwork for construction will continue until Q1 2024; current estimates predict completion by 2026.
The Elementum will be an outstanding modern office building in a prime location on the corner of Paul-Heyse- and Bayerstrasse, directly opposite Munich's Central Station. The design for the property was provided by the renowned architectural practice Herzog & De Meuron.
The project has all the prerequisites to develop into another landmark building in Munich's city centre. The property will further accommodate around 300 underground parking spaces, e-mobility charging stations, sharing points, and approximately 950 bicycle parking spaces. The Elementum is already pre-certified for LEED Gold and slated for WiredScore Gold.