Austrian investor and developer CA Immo has acquired the remaining 50% stake in the NEO mixed-use tower in Munich from Patrizia Immobilien, bringing its total investment in the complex to €86 mln.
Construction starts this month on the 21,000 m2 scheme, which is located in the Baumkirchen Mitte quarter of the city.
Designed by architects UNStudio, NEO comprises a base building with 55 apartments, plus a 60-metre high hotel and office tower.
Tristar Hotel Group has been signed as long-term tenant for the hotel, occupying the first six floors of the NEO property, operating a Hampton by Hilton brand hotel with 143 rooms. The top floors of the tower comprise a total of 8,500 m2 of gross office space.
CA Immo will hold the office and hotel as an independent building in its portfolio, while the flats are to be sold. The construction phase, which recently received the green light, is expected to complete in the summer of 2019.
