Axa IM Alts is to acquire a sustainable hybrid timber office building in central Munich and has acquired a site on behalf of clients. Local developer Accumulata Real Estate has been commissioned to develop the €185 million scheme.
The site, located on the corner of Schwanthalerstraße and Goethestraße, close to Munich’s central railway station, was acquired from Mondis Immobilien. Axa IM Alts is undertaking the project on behalf of its fifth-generation development strategy which recently raised c€800 million at first close and is targeting developments with strong ESG credentials.
The new office building will be primarily constructed of sustainably sourced wood using a timber frame around a concrete core. As well as being fully recyclable, timber facilitates increased pre-production off-site, resulting in shorter and more efficient construction timetables which reduce associated disturbance, pollution and traffic, Axa IM Alts said. The completed timber building will provide high levels of passive thermal protection and contribute to a balanced working environment through its ability to absorb and release excess moisture.
A platinum certification for the building is being sought as well as certifications relating to the technology and wellness-focus of the building.
The development is in line with Axa IM Alts’ commitment to seeking to affect positive changes in society through its investments and developments, as focused on the three key pillars of decarbonization of building stock, resilience to the impacts of climate change and building to meet the needs of tomorrow.
“This acquisition allows us to help set a new standard in sustainable development while delivering a prime new green office building into the structurally under-supplied Munich market,” said Axa IM Alts head of transactions Germany.