Pembroke drives global diversification strategy – companies want to convert Alramstraße 14 into high-quality apartments with extensive furnishings
The international real estate company Pembroke has acquired Alramstraße 14, a build-to-rent (BTR) project with 16,500 m2 of gross floor area in the southwest of Munich. The property is located less than four kilometers from Pembroke's famous Maximilianhöfe in the middle of Munich's city center. The transaction is the latest of four acquisitions in the last eighteen months, with which the company continues its diversification strategy to expand its portfolio of residential, mixed-use and office properties in the world's most sought-after cities.
Pembroke has commissioned ehret+klein as the project developer. Both partners are working together with local authorities and interest groups to transform the derelict site into an attractive neighbourhood. The originally planned luxury condominiums will be converted into rental apartments, which will expand the supply of urgently needed housing in Munich. The development also provides for commercially used areas.
Christian Bosiljanoff, Senior Regional Director Germany at Pembroke, explains: "Pembroke has successfully proven in Munich that we can create spaces that bring people together. We are very pleased to be working with the development specialist ehret+klein to create a supply of high-quality rental apartments on the central, but previously unused site, which this district urgently needs. We have the capital to immediately take responsibility, drive the work forward and transform Alramstraße 14 into a mixed-use property with rental apartments."
Pembroke and ehret+klein are pleased to announce the return of the REWE grocery store to the district. Work on the site has begun to ensure the safety of the existing structure. Both partners would like to thank the City of Munich for the trust it has placed in them in the development of this multifunctional BTR property with urgently needed living space in the Sendling district.
Michael Ehret, founder of ehret+klein, adds: "We are pleased to have been able to support the acquisition and to contribute our expertise as a project developer in Munich residential construction to tap into the urban development potential of Alramstraße 14, which has been untapped for many years. The original concept of a mixed-use development with apartments, kindergarten, food retail, commercial space and well-kept green spaces is carefully expanded. This underlines our commitment to making the property an integral part of a vibrant neighbourhood."
Jack Clark, Head of Investments at Pembroke, explains: "The demand for high-quality residential properties in the world's leading cities is increasing. We are in an excellent position to meet this demand in Germany and globally as we can build on our capital strength and long-term perspective. We are interested in further acquisition opportunities in the modern residential real estate sector – both for development projects and for existing properties – focusing on Munich, Hamburg, London, Seattle, Washington D.C., Boston, Tokyo, Sydney and Melbourne."
The company recently acquired a building plot in Melbourne as well as premium residential properties in the Washington D.C. area and in London. Pembroke now has a portfolio of 520 rental apartments worldwide; a further 376 are being developed in Munich and Melbourne.
Pembroke has more than 71,900 sqm of office and mixed-use properties across Germany. These include the Maximilianhöfe, the Alter Hof Lorenzistock, the Altstadt Palais in Munich as well as S-Kai, Coffee Plaza and the Hamburg America Center in Hamburg. Pembroke's global expertise and in-depth local know-how in Munich, complemented by ehret+klein's experience, will make the Alramstrasse 14 project a win for future tenants and the neighborhood.
As part of the transaction, Pembroke was legally advised by GSK Stockmann, ehret+klein by Mariacher Rechtsanwälte in cooperation with Heussen Rechtsanwaltsgesellschaft, and the former project owner M-Concept was supported by Grant Thornton. The entire process was accompanied by the Silverton Group in an advisory capacity.
