Munich: Corestate buys office building and plans expansion
Corestate has acquired an office building in Munich-Perlach and intends to refurbish, expand, and fully lease it by the end of 2020. The total planned investment is €66mn, the company states. The intention is to build a multi-story office pavilion on an area currently used as a parking lot. Aamundo will be handling the development and revitalization. The existing office building on Albert-Schweitzer-Straße 62-66 currently has 13,000 sqm lettable space and is about 75 % leased to several individual users. As Corestate released, the property is to be offered to investors as part of a club deal.
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