Hines has acuired two office buildings located in Neuperlach, Munich on behalf of the flagship Hines European Value Fund 2 (HEVF 2).
Located next to Einkaufs-Center Neuperlach (PEP), Munich’s largest shopping mall, and with exceptional public transport links, the two office buildings comprise over 87,000 square meters of office space on Fritz-Schäffer-Straße 9. The asset is currently fully let to Allianz.
Hines will design and seek building permits for a comprehensive refurbishment program to transform the asset into a high-quality office-led, mixed-use scheme, including residential.
“We are delighted to have made a significant investment for HEVF 2 into the Munich office sector, a market we have been actively targeting for some time. Munich benefits from some of the strongest office fundamentals in Europe today, with demand also exceeding available volume and quality of space in the residential sector. Hines has a global track record of placemaking, based on employing our deep local-level relationships and a strong ground team who will lead the project. We are really excited to get going and create something very special,” said Paul White, HEVF 2 fund manager.
“The office occupier market in Munich is exceptionally strong, and Fritz 9’s location in an established office submarket with excellent public transport links makes it an attractive location for a sustainable office-led mixed-use campus. Our project can meet local demand for high-quality spaces to work as well as to live, surrounded by great architecture. We will significantly improve and re-launch the Fritz 9 location and we will aim to attract a strong and vibrant tenant mix. As always, we are determined to enhance the community in which the asset is located, and we are pleased to be a part of Munich’s exciting and dynamic market,” said Christian Meister, managing director for Hines Germany.