Germany's Patrizia Immobilien has received the green light for the redevelopment of the commercial area of Munich's former Siemens site in around 1,000 apartments.
Germany's Patrizia Immobilien has received the green light for the redevelopment of the commercial area of Munich's former Siemens site in around 1,000 apartments.
Located in the Obersendling district of Munich, the residential units will be accompanied by local amenities as well as office and service space.
'This decision represents another big step towards the creation of a modern residential neighbourhood that offers high-quality living,' commented Jürgen Kolper, head of real estate development at Patrizia Deutschland.
Patrizia owns more than 90,000 m2 of development space on the former Siemens Campus South, which is located between Hofmannstrasse, Baierbrunner Strasse and Siemensallee in Munich-Obersendling. The company plans to invest over €300 mln in the site, with construction set to begin in 2016.
Also in Munich, Patrizia and its project partner CA Immo are currently planning the Baumkirchen Mitte residential neighbourhood which will provide 560 apartments in the Berg am Laim district. In total, Patrizia currently has a development pipeline of over €1.4 bn.