German property group Patrizia has acquired a prime development site in Munich, Germany, where it will construct a brand new, state-of-the-art 15,700 m2 office building.
The purchase for an undisclosed amount was carried out on behalf of Patrizia’s institutional clients.
The site is situated in the heart of the Werksviertel, Munich’s new prime office mixed-use district near Ostbahnhof. The area combines old and new, including a mixture of historic factory buildings and contrasting modern structures, as well as amenities, leisure and cultural attractions, such as Munich’s new Concert Hall. Construction is due to be completed by the end of 2023.
The building has been designed with flexibility and sustainability at its core to ensure this modern building meets the office space requirements for tenants today and in the future. The asset will also incorporate mixed-use elements at street level.
‘This acquisition presented us with an exciting opportunity to build on Werksviertel’s rich history and be part of the area’s incredible transformation, which over the last few years has seen it become one of the most vibrant new redevelopment areas in Germany,’ said Johannes Haug, head of European Real Estate Development at Patrizia. ‘We are looking forward to our next acquisitions and being a significant player in Munich’s real estate market.’
