German lender pbb Deutsche Pfandbriefbank has provided a €105 mln financing for the purchase of a plot of land and construction of an office and retail building in Munich's 'Werksviertel' district, adjacent to the Munich East railway station.
The Maltz family, who owns the site, together with project developer Woehr + Bauer will realise an office and retail complex over 17 floors including a 65-metre high tower.
Designed by renowned architects Nieto Sobejano Arquitectos, the asset is targeting Leed Green Building certification. It will provide a total of 32,000 m2 of lettable space on completion in 2021.
The Werksviertel district used to be home to major maufacturers such as Pfanni (food), Zündapp (motorcycles) and Optimol (lubricants). The area is currently being redeveloped to provide around 1,150 flats over the coming years.
Gerhard Meitinger, head of Real Estate Finance Germany at pbb, commented: 'We are delighted that with this financing, we were able to make a contribution to the development of a young, urban city quarter.'