Buschl Group has launched the AGFA Park project, currently the largest development project in Munich. The project consists of a residential and commercial park which will be created on the 100,000 m[sup]2[/sup] site formerly owned by Agfa. The new buildings being built include several commercial buildings, an underground car park, covering a gross floor area of approximately 38,000 m[sup]2[/sup]. Some 60% of the buildings have already been leased in advance to firms including automotive companies Sixt and ATU. A 250-room Motel One hotel will also be developed on the site, as well as some 1,100 apartments covering a total floor area of up to 105,000 m[sup]2[/sup].
Buschl Group has launched the AGFA Park project, currently the largest development project in Munich. The project consists of a residential and commercial park which will be created on the 100,000 m2 site formerly owned by Agfa. The new buildings being built include several commercial buildings, an underground car park, covering a gross floor area of approximately 38,000 m2. Some 60% of the buildings have already been leased in advance to firms including automotive companies Sixt and ATU. A 250-room Motel One hotel will also be developed on the site, as well as some 1,100 apartments covering a total floor area of up to 105,000 m2.
Munich-based Büschl Group is developing the project for an investment volume of over EUR 300 mln. In July this year, the company agreed to sell the buildings on completion to Morgan Stanley Real Estate Funds (MSREF) for an undisclosed amount. Immobilien-Kontor Schauer & Schöll acted as broker in this transaction. Morgan Stanley Real Estate Funds was advised by Morgan Stanley Mergers & Acquisitions and by Freshfields Bruckhaus Deringer with regard to legal and tax issues.
