Patrizia has invested an undisclosed amount to buy an office development site in Munich, Germany.
The manager said the site, located in the heart of the Werksviertel, will be used to construct a 15,700sqm office building.
The asset will also incorporate mixed-use elements at street level, adding to the area’s leisure and retail offering, as well as roof gardens on various levels, Patrizia said, adding that construction is due to be completed by the end of 2023.
Johannes Haug, head of European real estate development at Patrizia, said: “This acquisition presented us with an exciting opportunity to build on Werksviertel’s rich history and be part of the area’s incredible transformation, which over the last few years has seen it become one of the most vibrant new redevelopment areas in Germany.
“We are looking forward to our next acquisitions and being a significant player in Munich’s real estate market.”
To read the digital edition of the latest IPE Real Assets magazine click here.
