pbb Deutsche Pfandbriefbank has provided a €112m loan to finance construction and long-term maintenance of "KARL", a new commercial real estate development designed by renowned London-based architect David Chipperfield. Located at Karlstrasse, in the vicinity of Munich's central railway station, KARL will offer a mix of different usage types, with a focus on offices. The Brecht-Bergen family of entrepreneurs act as the developers and borrowers.
KARL will have approximately 30,000m² of rentable space, plus around 300 underground car parking spaces. The building will be cubic in shape and feature a distinctive facade in concrete and natural stone. The cube’s interior courtyard will feature a 1,400m² garden with a pond.
Construction is set to start in 2018, with completion scheduled for 2021. The building will obtain LEED Gold certification.
KARL will be built in the former 'Brewery Quarter', right behind Munich's main station. This part of the city is currently undergoing revitalisation, with KARL and its distinctive architecture designed to further raise the profile.
Gerhard Meitinger, pbb's Head of Real Estate Finance Germany, said: "We are delighted to have the opportunity to work with the Brecht-Bergen family. The central location and the state-of-the-art office design will make KARL attractive to businesses."
