Axa IM Alts is pursuing a €185 mln office development primarily constructed of sustainably-sourced wood using a timber frame around a concrete core.
The development site is located on the corner of Schwanthalerstraße and Goethestraße in the centre of Munich, one of Germany’s most in-demand and undersupplied office markets. The project will benefit from the ongoing redevelopment of the nearby central train station and its surrounding area which will create a new and very well-connected office hub in Munich, the Paris-based company said.
AXA IM Alts said the project was worth €185 mln and was for its ‘fifth-generation’ development strategy which recently raised around €800 mln at first close and is targeting developments with strong ESG credentials with a particular focus on high quality, technologically advanced and amenity rich office developments that are experiencing increased occupier demand as a result of Covid.
AXA IM Alts and partner on the project, Accumulata Real Estate, were advised by Arnecke Sibeth Dabelstein Munich and GSK Stockmann Frankfurt.
Ulrike Haack, head of transactions Germany, AXA IM Alts, said: ‘This acquisition allows us to help set a new standard in sustainable development while delivering a prime new green office building into the structurally under-supplied Munich market.’
