HIH Invest Real Estate (“HIH Invest”) just acquired an office property development in a sought-after location in Munich that is intended for multi-tenant occupancy. The property was sold by its developer, Metropolian R1 GmbH & Co KG. Located in the Westend district of Munich, the property has a lettable area of 7,239 sqm and is fully pre-let. About 80 percent of the floor area was rented by BNP Paribas Consors Finanz, a brand of BNP Paribas S.A. Office Germany. The rest of the floor area will house the new offices of the property management of developer Metropolian Liegenschaften GmbH. The completion is scheduled for the fourth quarter of 2022. It is planned to seek a BREEAM Excellent certification.
The Westend in Munich, located right next to the inner city, is a development hot-spot and rapidly evolving. The former fairgrounds in the Westend, which were abandoned in favour of Munich’s new fairgrounds in Riem, are being developed into new residential properties, green and open areas, as well as new-build units for commercial, retail and service businesses. The property development occupies the corner of Rüdesheimer Strasse and Tübinger Strasse, and is directly connected to the town centre via the “Westendstrasse” underground station. The central railway station, for example, is an underground ride of eight minutes away. The location is highly popular among office and commercial tenants, and several new-build office schemes are being implemented in the immediate vicinity.
Planning of the property developments is in the hands of the architectural firm of Oliv GmbH Thomas Sutor Architekt in Munich.
Source : HIH Invest Real Estate