Munich: Stadtsparkasse buys “Kuvertfabrik”
Bauwerk Development has sold the historic “Kuvertfabrik” building to Stadtsparkasse München. The historic envelope factory building, located at Landsberger Straße 444-446 in Munich’s Pasing district, was sold last week as part of a forward deal shortly before the start of renovations. TD has learned from market insiders that the purchase price was around €40mn. Glock Liphart Probst & Partner advised the seller on legal matters; the buyer was advised by Grothmann Geiser Rechtsanwälte. A total of around 4,550 sqm GFA is planned for up to eight lettable units on four floors. The property is a listed building dating from 1906. The building permit was recently issued for the historical part. The deal did not include the 175 condominiums also to be built on the site.
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