PATRIZIA purchases New Residential Housing Portfolio in Munich
PATRIZIA Immobilien AG purchased a portfolio with 91 new residential units in Munich. The residential units, with a total area of approximately 6,000 square meters, are currently being built along the Willy-Brandt-Allee in the trade fair city of Riem.
Construction has started already. ”This project that we have acquired for our investors is a high-quality property in an attractive macro-location in a quickly growing population with high purchasing power which is located in one of the most stable real estate locations in Germany,“ explains Johannes Altmayr, Head of Residential Transactions at PATRIZIA. The property was acquired directly from the property developer TBB Ten Brinke-Projektentwicklungs-GmbH from Regensburg on behalf of a real estate fund that PATRIZIA manages. The parties have agreed to keep the purchase price confidential.
The modern residential and commercial building is currently being constructed in the form of a perimeter block development with an expansive and landscaped inner courtyard. The residential units can be found between the first and the sixth floors. The plans calls for residential units ranging from one to four rooms and areas ranging from 34 and 118 square metres. Approximately one third of the residential units are designed to be barrier-free. Construction is expected to be completed in two years. Each residential unit comes with an underground parking space. What should also be highlighted are the very good local public transport services provided by the adjoining subway station “Messestadt Ost” as well as several bus lines. The motorways, A94 and A99, can be reached in just a few minutes as well. The construction project also includes four commercial units that were not purchased. Plans for these units include a supermarket, a drugstore, a bakery, and a service business.