Quantum advised a private investor on the purchase of an office property at Prinzregentenstraße 11 in a prime location in Munich and will now implement the extensive revitalization. Completion is planned within the next three years.
Quantum Immobilien AG has advised a private investor as investment manager on the acquisition of the P11 office property in Munich from Art-Invest Real Estate and is also acting as a service developer for the planned revitalisation.
P11 – High-quality office space in a premium location
The existing property is located at Prinzregentenstraße 11 in the middle of the old town between the Isar and the English Garden and is to be comprehensively revitalized and repositioned over the next three years. The focus is on structural, energy-related and technical modernisation. On around 4,000 m², modern office space will be built over six floors plus a new attic and balcony areas. The units from 600 m² will offer space for coherent usage concepts as well as flexible layouts. In the course of the measures, both the façade and the entire building services will be renewed. All planned measures will be carried out in compliance with the ensemble protection requirements.
"We are very pleased to be able to secure P11, an office property in a premium location and of a sought-after size for our investor," says Celia-Isabel Vietmeyer, member of the Management Board of Quantum, adding: "As part of the extensive revitalization, we will now contribute our expertise in inner-city redevelopments and increase the attractiveness of P11 in the long term."
"It is great that the P11 is being further developed by Quantum and we wish Quantum every success. The sale confirms that well-located properties are fungible even in a challenging market environment," comments Tobias Wilhelm, Managing Director at Art-Invest Real Estate in Munich.
The parties involved have agreed not to disclose the purchase price. Art-Invest Real Estate was legally advised on the transaction by GSK Stockmann. CBRE acted as an intermediary for the seller. The law firm Noerr acted as an advisor to Quantum.
