HOCHTIEF Projektentwicklung sells multi-use Munich facility at Arnulfpark

Munich based WealthCap buys Business Center with mall, event area and Central Bus Station

HOCHTIEF Projektentwicklung has sold Munich’s Business Center with Central Bus Station (ZOB) located at Arnulfpark to WealthCap. The selling price is said to range in the mid-two-digit millions. Completed in 2009, the facility has a rentable floor space of about 36,500 square meters, with 98 percent already occupied.

The Business Center around the ZOB is used for different purposes: about 10,000 square meters for offices and some 7,000 square meters for restaurants and events as well as shops grouped into a mall and 1,000 square meters of storage space. Additionally, there are more than 18,000 square meters for bus operations with 29 terminal platforms servicing destinations all across Europe and 170 parking lots. Particularly since the liberalization of bus transport early in 2013 the ZOB, which is connected to the city’s public transportation network, is a key hub in the Bavarian capital. Main tenants of retail space include a Lidl outlet and a dm-drogerie markt drugstore as well as a Vapiano restaurant. The striking building clad with aluminum pipes has a distinct character and has already received numerous awards.

HOCHTIEF is one of the most international construction groups worldwide. The company delivers complex infrastructure projects, in some cases on the basis of concession models. The Group operates in the transportation infrastructure, energy infrastructure and social/urban infrastructure segments as well as in the contract mining business. With nearly 81,000 employees and a sales volume of more than EUR 25 billion in FY 2013, HOCHTIEF is represented in all the world’s major markets. With its subsidiary Leighton, the Group is market leader in Australia. In the USA, the biggest construction market in the world, HOCHTIEF is the No. 1 general builder via its subsidiary Turner and, with Group company Flatiron, ranks among the most important players in the field of transportation infrastructure construction. Because of its engagement for sustainability, HOCHTIEF has been listed in the Dow Jones Sustainability Indexes since 2006.

HOCHTIEF Projektentwicklung as a subsidiary of the HOCHTIEF Group has been developing, realizing and marketing real estate projects in Germany and abroad since 1991 and is considered Germany's leading inner-city center developer. Its core business comprises office buildings in downtown locations and areas within easy reach of city centers. It also focuses on residential properties, retail properties, and the development of entire urban quarters. HOCHTIEF Projektentwicklung does not build up any property portfolio of its own but operates as an "interim investor" with the goal of selling the projects to a final investor well-let and as swiftly as possible. With its offices in Germany and Europe, the company makes sure it is close to its clients. Sustainable concepts, prime locations, sophisticated architecture and innovative technology make for value creation and cost reductions.

HOCHTIEF Projektentwicklung GmbH
Alfredstrasse 236
45133 Essen
Germany
Gabriele Stegers
Head of Corporate Communications
Tel.: +49 201 824-2282
Fax: +49 201 824-1728
E-Mail: gabriele.stegers@hochtief.de
Web: www.hochtief-projektentwicklung.com

This release was published on openPR.