Munich: Hexal founders join in on “Hofmann Höfe”


Patrizia is separating itself from part of its urban project in Munich “Hofmann Höfe”. According to an announcement from the Federal Cartel Office, 25% of the shares in the project company will each go to two companies, which can be traced back to Hexal founders Andreas and Thomas Strüngmann. It is still unclear as to whether Patrizia will completely withdraw from the project. A Patrizia spokesman was not willing to comment on the sale of shares upon inquiry from TD. The “Hofmann Höfe” are to be built on the former Siemens site in Munich-Obersendling, which Patrizia acquired in 2012. An urban district with 1,000 apartments, shops and offices is planned, for which approx. €300mn will be invested. An announcement was made in June that Patrizia was seeking a buyer for the project.

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