Last pieces of property sold in Munich’s Arnulfpark®

Munich, 27 August 2007 - With the conclusion of two additional sales contracts, Vivico has now sold the last two pieces of property in Munich's Arnulfpark®, which the company will not be keeping in its own portfolio. The purchasers of the properties are the Berlin based company GBI GmbH, specialized on hotel development, and the Nuremberg company KIB Projekt GmbH.
GBI, a company belonging to the Moses Mendelssohn Foundation, acquired a property in the Arnulfstrasse totalling approx. 1,600 sq metres. Here GBI will erect a 4-star category apartment hotel with approx. 6,600 sq metres of gross floor area operated under the brand of the Citadines Group, a French subsidiary of Singapore's Ascott Group. The hotel is planned to be opened in the spring of 2009.
KIB Projekt acquired a property on Rainer-Werner-Fassbinder-Platz totalling approx. 3,100 sq metres and will erect a residential / office building with approx. 5,500 sq metres of gross floor area.  Approx. 2,500 sq metres of floor space are available for approx. 20 flats, while approx. 3,000 sq metres of gross floor area are available for commercial use. The construction of this building is expected to begin in the spring of 2008.
"The significantly increasing dynamic nature of marketing the Arnulfpark over the last 18 months is not only evidence of the general economic upturn, but also particularly indicates the acceptance of this centrally located city district in Munich. After quickly marketing the residential development zone we have reported an increasingly stronger demand for office space in our buildings ATMOS and SKYGARDEN near the Hackerbrücke", explains Stephan Kleber, Head of Vivico Munich. The realisation of the approx. 27,000 sq metre ATMOS building, designed by KSP Engel & Zimmermann Architects, has already begun and will be completed in the summer of 2008. The spectacular SKYGARDEN building with approx. 31,000 sq metres of gross floor area, designed by the renowned Hamburg architects Bothe Richter Teherani, will soon follow.