Austrian real estate developer UBM has acquired the Munich headquarters of luxury sports-fashion manufacturer Willy Bogner for €55 mln from the owner-occupier.
UBM plans to build a residential scheme on the site in around two years time.
The purchase contract was signed following a structured bidding process and covers the acquisition of the 12,000 m2 plot and existing buildings in Munich’s Berg-am-Laim district.
The transaction is subject to a two-month right of first refusal by the City of Munich, which regularly applies to property transactions of this type.
The office at St Veit Straße 4 has been the company headquarters of Willy Bogner since the 1950s. The company will remain as a tenant in the offices for at least 48 months, before the site is redeveloped into apartments.
The owner of the company, Willy Bogner Jr, now 79, was one of the best ski racers of his time, a two-time Olympian, and a daredevil cameraman for ski action scenes in four James Bond films.
The disposal of the firm's head office is part of an ongoing performance programme by Bogner.
The planned project for the site represents a continuation of UBM's strategic positioning in European residential. Thomas G. Winkler, CEO of UBM Development, said: 'This acquisition hits the bull's eye of our strategy.'
The group currently has over 3,000 apartments under development. More than 1,000 apartments in Germany, Austria and the Czech Republic were sold during the past year alone. Munich is one of the four core cities in UBM’s strategy, alongside Vienna, Berlin and Frankfurt.
