Germany's Patrizia Immobilien has acquired an additional plot at the former Siemens location in the Obersendling district of Munich, which will allow the development of a total of 90,000 m2.
Germany's Patrizia Immobilien has acquired an additional plot at the former Siemens location in the Obersendling district of Munich, which will allow the development of a total of 90,000 m2.
Financial details were not disclosed.
The vendor of the 29,000 m2 area is RG Real Grundbesitz.
Patrizia originally acquired the plots from Siemens in October 2012 and is planning to redevelop the commercial area into residential buildings. Patrizia's standing investment volume in Obersendling, Munich, amounts to over €300 mln.
'In developing new residential districts, we want to contribute to creating new, high-quality housing in Munich,' said Jürgen Kolper, head of real estate development at Patrizia Deutschland.
The purchase expands Patrizia's development projects in Munich to 120,000 m2. The company is also redeveloping the Baumkirchen neighbourhood at the centre of the Berg am Laim district jointly with CA Immo.
Patrizia currently has a €1.4 bn development pipeline in Germany consisting of over 3,000 apartments in Munich, Berlin, Hamburg, Düsseldorf, Cologne, Frankfurt am Main and Augsburg.
