Patrizia Projektentwicklung, a subsidiary of German listed Patrizia Immobilien, has sold the Isartor Palais property located on the Munich Altstadtring. The buyer is a pension fund in northern Germany. The parties agreed not to disclose the price.
Patrizia Projektentwicklung, a subsidiary of German listed Patrizia Immobilien, has sold the Isartor Palais property located on the Munich Altstadtring. The buyer is a pension fund in northern Germany. The parties agreed not to disclose the price.
The property will be finished this year as planned, with the handover scheduled for 31 December 2010.
The multi-use building is being built in the direct vicinity of the Munich Viktualienmarkt and has about 470 m2 of retail space and 1,400 m2 of office space, as well as 15 residential property units.
