Augsberg based Patrizia has acquired a prime development site in Munich’s Werksviertel district where it will build a 15,700 sq m office building.
Werksviertel is Munich’s new mixed-use district near Ostbahnhof and combines old and new buildings with a mixture of historic factory buildings and modern space, as well as amenities, leisure and cultural attractions, including Munich’s new Concert Hall.
Patrizia will complete the new building by the end of 2023. The company said in a statement that, despite Covid-19, it expects prime rents to remain stable in strong office markets like Munich.
“This acquisition presented us with an exciting opportunity to build on Werksviertel’s rich history and be part of the area’s incredible transformation, which over the last few years has seen it become one of the most vibrant new redevelopment areas in Germany,” Johannes Haug, head of European real estate development at Patrizia said.