(MUNICH) - Hines, the international real estate firm, has completed the acquisition of the 87,209 square feet DAS GOETHE in Munich, on behalf of a European insurance group, for an undisclosed price.
The construction of the residential and commercial city center project was completed at the end of April, after being sold by ZIMA Immobilienentwicklung GmbH in 2017. Hines served as investment manager for the acquisition and will provide ongoing asset management services for the property.
Located at Goethestraße 30-34 in the immediate vicinity of Munich's main train station, the property offers 74 high-quality rental apartments with a total living space of around 56,000 square feet - part of which will be in a heritage-protected rear house and the other part in a newly constructed building. A further 31,209 square feet of retail space has been leased primarily to retailers REWE and DM. In addition, the property includes an underground parking garage with 76 spaces. The commercial space has already been opened and some of the apartments have been handed over to incoming tenants.
Alexander Möll, Senior Managing Director at Hines, says: “DAS GOETHE offers attractive, high-quality residential and commercial space in a prime downtown location in the rapidly changing neighborhood of Munich main station. We look forward to continuing to develop the property as asset manager following the successful closing of the acquisition. DAS GOETHE is a valuable addition to the Hines European residential portfolio, which we intend to further expand in the future.”
Florian Scholze, Managing Director at ZIMA Immobilienentwicklung GmbH, adds: “The urban and creative southern station district has the potential to become Munich's new and most attractive district. DAS GOETHE’s residential and commercial property makes a positive contribution to the area and creates attractive living space in the heart of Munich.”
Hines was advised by P+P Pöllath+Partners (legal), CBRE (technical) and by KMPG and EY (tax).
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion1, including $81.7 billion in assets under management for which Hines serves as an investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 16 cities as well as a presence in 62 cities in 13 countries. Hines oversees a portfolio of asset under management valued at approximately €26.3 billion of assets under management in Europe, including €21.9 billion for which Hines serves as an investment manager and €4.4 billion representing more than 3.8 million square metres of assets for which Hines provides third-party property-level services, in Austria, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Since the opening of its site in Germany in 1991, Hines has acquired or developed a total of 61 properties with an overall surface area of over 2.5 million square metres for Hines or on behalf of external clients, including properties such as the Main Tower, 160 Park View, Werfthaus and the Silberturm in Frankfurt, Zoom and Quartier Südkreuz in Berlin, Hofstatt, Uptown München, Tucherpark and OSKAR in Munich, the Überseequartier Nord district in Hamburg, the Benrather Karree and Kö-Quartier in Düsseldorf, and the Postquartier and Kronprinzbau 1+2 in Stuttgart. Hines currently manages property in Germany with an overall value of around €10 billion as an asset and development manager.
Visit www.hines.com for more information.