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Warburg
HIH-Invest Real Estate (Warburg-HIH Invest) is buying the Paseo Carré
property development in Munich within the framework of a forward funding
deal from builder and property developer M-CONCEPT Real Estate
(M-CONCEPT).
Located
at the corner of Offenbachstrasse and Landsberger Strasse, the office
building, which has a gross floor area (GFA) of 7,600 square metres and
87 parking spots, is earmarked for an
individual fund of the RVK pension scheme. The seven-storey property in
the district of Pasing is already let to the City of Munich on a
20-year lease. The completion is scheduled for late 2012 or early 2022.
It was agreed not to disclose the selling price.
“By acquiring the Paseo Carré, we seized an opportunity to secure a very
long-term lease with a blue-chip tenant in an established sub-market of
Munich,” said Hans-Joachim Lehmann, Managing Director of Warburg-HIH
Invest. “The newly completed building is characterised
by modern and efficient rental units with a flexible layout structure.
The pragmatic building structure permits both single-tenant and
multi-tenant occupancy as well as the flexible arrangement of efficient
rental units, including open-plan offices, private
offices or combination offices.”
The Paseo Carré scheme is located within walking distance of the
“Pasing” railway station, which offers everything from high-speed to
commuter train services. The nearest tram stop is located directly in
front of the building. In addition, M-CONCEPT is planning
to develop another six buildings on this plot of around 8,500 square
metres which faces Offenbachstrasse, Landsberger Strasse and a greened
new esplanade. These will provide a total of 95 flats, three penthouses
and 100 apartments for owner-occupiers and buy-to-let
investors. For the apartment building, it is moreover planned to
introduce a sharing concept that will include common-part areas and
e-bikes. The apartments have already been reserved to 65 percent via
exclusive pre-sales to existing customers.
“Pasing is one of the most interesting districts of Munich, with a sound
infrastructure that is continuously expanded. An added highlight is its
small-town flair, while the inner city of Munich is within easy reach
at the same time. The swift package sale of
our office units demonstrates that not just demand for residential
accommodation is increasing here,” said Stefan Mayr, Managing Director
of M-CONCEPT.
The planning consent for the quarter was issued in late September. The
project will be implemented in four construction stages and start during
the first quarter of 2020 with the excavation and timbering of the
construction pit. Building construction work will
begin in the second quarter of 2020. The
office building is slated for completion by the fourth quarter of
2021/first quarter 2022, while the completion of the entire building
cluster is expected by 2022.
Source: Warburg-HIH Invest Real Estate.