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