CA Immo Sells the "Langes Land" Residential Development in Munich
- Prompt sale after acquisition of planning permission ensures timely realisation of the “Langes Land” residential quarter
- Continuation of CA Immo strategy to focus portfolio on office buildings and developments in central locations of A-cities
Frankfurt/Munich, 18.01.2023 – CA Immo has sold a plot of land located in the north of Munich with planning permission for approx. 925 apartments to the Empira Group. Empira also assumes all of CA Immo’s obligations under the urban-planning contract. The sales price achieved significantly exceeds the last book value dated 30 September 2022. The sale was signed on 22 December 2022, and the transaction is expected to close at the end of the first quarter of 2023.
Christof Altendorfer, Managing Director and Head of Investment Management for CA Immo Germany, had this to say: “We are delighted to have concluded the ‘Langes Land’ neighbourhood development project with a successful sale, even in a challenging market environment. The handover of this high-quality neighbourhood development to an experienced buyer immediately after planning permission was obtained also ensures that the project will be realised in a timely manner. The sale at this point in time is in line with CA Immo’s strategy of focusing on the realisation and maintenance of high-quality office properties.”
The 90,000 m² site that has now been sold has planning permission for around 925 apartments with a floor area of around 90,500 m², located on a land area of around 66,500 m². Planning permission for the high-quality urban residential quarter was only obtained in early December 2022 when Munich city council approved the legally-binding land-use plan. In recent years CA Immo had developed the area, which had previously been used primarily for industrial purposes or had lain fallow, in close cooperation with the City of Munich and the Feldmoching-Hasenbergl district authorities. The area, which is conveniently located in the north of Munich, stretches along Ratoldstrasse and Raheinstrasse in the immediate vicinity of the underground and S-Bahn lines. The basis of the procedure for the legally-binding land-use plan, which has now been completed, was an urban and landscape planning competition held in 2016 by CA Immo together with the City of Munich.
Images of the project can be downloaded from the image archive in the press section at www.caimmo.com using the keyword “Langes Land”, or by following this link.
For enquiries, please contact CA Immo
Markus Diekow | Head of Corporate Communications
Telephone: +49 (0) 69-606 27-115 or +49 (0) 172-6795948 | email@example.com | www.caimmo.com
For enquiries at Empira please contact
Telephone: +49 (0)30 726276-157 | firstname.lastname@example.org
About CA Immo
CA Immo is an investor, manager, and developer specialised in large, modern office properties across the gateway cities in Germany, Austria, and Central Europe. The company covers the entire value chain in the field of commercial real estate including a high degree of in-house construction expertise. Founded in 1987, CA Immo is listed on the ATX index of the Vienna Stock Exchange and holds property assets worth around € 6.5 billion (per 30.09.2022) in Germany, Austria, and CEE.
About Empira Group
The Empira Group offers institutional investors a vertically integrated platform for real estate investments in Europe and the United States. With investments under management totaling approximately EUR 7.1 billion, Empira is a leader in the German-speaking region in developing novel, profitable investment approaches using both equity and debt financing. The company drives innovation as a first mover in debt products. The Empira Group's real estate and capital market experts offer one-stop shopping for services covering the entire residential and office property value chain. The company is headquartered in Zug, Switzerland, and has locations in Luxembourg, Germany, the U.S., Great Britain, and Austria.