Germany's Patrizia Immobilien has announced plans to invest around EUR 300 mln in the acquisition and redevelopment of a 54,000-m[sup]2[/sup] site in Munich.
Germany's Patrizia Immobilien has announced plans to invest around EUR 300 mln in the acquisition and redevelopment of a 54,000-m2 site in Munich.
In a statement on Thursday, Patrizia said it has bought the plot in the Obersendling district from Siemens Real Estate and intends to transform it into a residential complex.
'We are delighted that the acquisition of another plot in Munich within just a few months now brings us to a development volume of around 100,000 m2 in the Bavarian state capital alone,' said managing director Jürgen Kolper.
In April this year, Patrizia also entered into a joint venture with CA Immo aimed at redeveloping a neighbourhood in Baumkirchen, Munich. The area covers almost 30,000 m2.
In total Patrizia currently has projects of around EUR 1 bn under development in the German cities of Augsburg, Munich, Dusseldorf, Frankfurt, Hamburg and Cologne.
