CA Immo, Patrizia to jointly develop new Munich quarter

Listed property groups CA Immo and Patrizia Immobilien have formed a joint venture to develop the Baumkirchen Mitte city quarter in Munich.

In total, the partnership will build around 45,500 m² for residential use and around 18,500 m² for offices. Demolition work on the 131,100-m² site is already well under way and construction is to start as soon as the land-use planning process is complete, the two partners said.

'Patrizia is a partner that immediately shared our vision of creating a high-end, lively quarter at this location,' said Ralf Schneider, head of CA Immo in Munich.

Overall, the new mixed-use quarter is scheduled to extend across 80,000 m² of gross floor area, with the majority (50,000 m2) planned to be used for around 490 apartments of various sizes for 1,100 residents.