Patrizia has sold its office development on the MK 7 site in Munich's Werksviertel district on behalf of its institutional clients.
Financial details were not disclosed.
The pension fund of Wacker Chemie VVaG has acquired the under-construction building in order to relocate the HQ of the German chemical company, Wacker Chemie, to the Werksviertel. It will lease the entire space.
The building offers more than 18,000 m2 of lettable and flexible office space across six floors as well as over 200 underground car parking spaces. The building was designed by C.F. Møller, one of Denmark's most renowned architectural firms. The development is scheduled to be completed by the end of 2023.
Patrizia acquired the site of the development in Munich's Werksviertel, a former industrial area with a colourful history that over time developed into a unique vibrant and innovative district in recent years, in 2019.
The former inner-city industrial area is still characterised by the former factories near the Ostbahnhof and before the current development it was known as one of the largest night clubbing areas in Europe under the name Kunstpark Ost.
Due to the history of the area and the flexible use of the office space, the building has been dubbed CO:WK.
Mirjam Link, head of real estate development Germany South, at Patrizia, commented: 'With CO:WK, Patrizia continues its drive to be a key enabler of smart cities and the Werksviertel is getting its next showcase project which enjoys futureproof sustainability and efficient energy credentials.
'With this office building, we are completing a further attractive project in line with the highest sustainability standards. This is aligned to our own objectives as well as those of our investors and project partners to develop socially and environmentally sustainable real estate.
'We are delighted to have secured the pension fund of Wacker Chemie VVaG as a buyer and Wacker Chemie AG as a tenant for this site near Ostbahnhof.'
The pension fund recently sold the Munich-based chemical company's previous headquarters at Hanns-Seidel-Platz.
Patrizia was supported by legal advisers GSK Stockmann.
