Munich: Siemens “Legoland” to be sold
A sale is shaping up in Munich that could be worth more than €1bn. The property in question is the Siemens site on Otto-Hahn-Ring in Neuperlach, also known as “Legoland”. As TD learned from market insiders, several groups of bidders are in the race for the 43 ha site. One of them is Hines together with Bavarian pension fund Bayerische Versorgungskammer, another is Patrizia with Adia Abu Dhabi. Electronics giant Siemens, who leased back the 370,000 sqm office space in 2010, denies rumors to TD that the group itself is bidding on the property. Sellers of the asset are Warburg-HIH together with RFR as well as PGIM on behalf of Chinese sovereign wealth fund Gingko Tree. Warburg-HIH and RFR had bought the site from Siemens in 2010 for about €360mn. PGIM and Gingko Tree joined in early 2015. A parking lot on the site could be used to build up to 600 apartments. None of the parties involved commented on the matter upon TD inquiry.
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