Munich: Empira buys “South One” from Isaria
Years of uncertainty about the future of the “South One” in Munich have come to an end. As TD learned from market insiders, Isaria has sold the office tower on Baierbrunner Straße, which was formerly used by Siemens, to Swiss investor Empira. The purchase price is said to have been €95mn. BNP Paribas Real Estate had been mandated to carry out the sale. In the spring of 2018, Isaria abandoned its original plans of turning the 22-story building into a housing tower, deciding instead to put the property up for sale. According to market information, the buyer also does not plan to develop housing, but will build office space instead. It is still unclear whether Empira will handle the project themselves, get a partner on board, or re-sell the property.
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