Union Investment Real Estate GmbH has secured the first commercial property in the new urban quarter “Am Hirschgarten” in Munich for its open-ended real estate fund Unilmmo: Deutschland. The vendor is HOCHTIEF Projektentwicklung GmbH. Details of the purchase price were not disclosed. Upon scheduled completion at the end of 2013, the 37,500 sqm of office, retail and storage space that comprises the “forum am Hirschgarten” complex will form the hub of this new business and residential area in west Munich. The complex comprises two buildings and is already 60 per cent let.
Future users include law and accounting firms, as well as companies from the real estate and pharmaceuticals industry. The area is amply provided for in terms of local amenities with a REWE supermarket, Aldi, Altnatura organic supermarket, dm chemist, as well as restaurants and service providers. The new building has been pre-certified Silver by DGNB (the German Sustainable Building Council) and is part of the development “Am Hirschgarten” by aurelis Real Estate Management.
«As the first commercial investor, we are delighted to be able to participate in the excellent development potential of this new location» said Dr. Frank Billand, a member of the management team and Chief Investment Officer at Union Investment Real Estate GmbH. «In view of the high demand in Munich for large contiguous spaces close to the city centre, this property with its rental space of up to 3,000 sqm per floor really stands out».
«As regards product features and timing, forum am Hirschgarten is a perfect fit for the Munich office real estate market. This project allows us to make a significant contribution to the urban development of the location»commented Rüdiger Schulz, branch manager Bavaria of HOCHTIEF Projektentwicklung GmbH.
Source : Companies