Munich, June 18, 2018 Last Friday, ISARIA Wohnbau AG acquired a real estate company with plot on Preußenstraße from Wacker Neuson. The former company premises, which cover an area of approx. 27,000 m² in Munich’s Milbertshofen district, were no longer required as a result of the construction of a new Wacker Neuson research and development center for construction machinery in Reichertshofen.
In the next few years, what was an industrial area near the Olympiapark is to be transformed into an urban district with a high proportion of residential properties. The aim is to create a lively, mixed-use residential district with approx. 270 apartments, around 27% of which will be social housing in order to create modern and urban yet, above all, affordable living space.
This project is also helping ISARIA Wohnbau, one of the biggest project developers for residential construction in Munich, to play a major role in defining the Munich cityscape.
“We are delighted to have successfully sold the former company premises to an expert in the field and such a financially strong company as the ISARIA Group. ISARIA will create further capacities in what is currently a strained housing market and also offer a family-friendly infrastructure to the benefit of the City of Munich and its residents,” explains Martin Lehner, CEO of Wacker Neuson SE.
“The acquisition of this attractive site in central Munich will be another major project for us in the Munich area. Wacker Neuson has already dealt with the construction rights for us, which means we can now get to work on making this interesting project a reality. In this way, we are continuing to expand our Munich foothold for ISARIA,” Jan-Christoph Düdden, CEO of ISARIA Wohnbau AG, adds.
Hammer AG and Glock Liphart Probst & Partner Rechtsanwälte mbB were on hand to offer legal advice to the Wacker Neuson real estate company. On the buyer’s side, GÖRG Partnerschaft von Rechtsanwälten mbB, Pinsent Masons Germany LLP and Hermann & Kollegen Rechtsanwälte PartG mbB offered their services.
The Wacker Neuson Group is an international corporation with over 50 subsidiaries and 140 of its own sales and service offices. As a leading manufacturer of construction equipment and compact machinery, the group offers its customers around the world a broad range of products, an extensive range of services and an exceptional replacement parts service. The Wacker Neuson Group includes the product brands Wacker Neuson, Kramer and Weidemann. The range of services is primarily aimed at customers from key construction industries, gardening and landscaping, agriculture, municipalities, the recycling and energy business, railways and industrial companies. In 2017, the group achieved sales of EUR 1.53 billion and employed over 5,500 people around the world.
ISARIA Wohnbau AG has been one of the leading project developers in residential real estate in Munich for 20 years. The range of projects it has completed includes multi-story apartment blocks and townhouses to the regeneration of buildings previously used for commercial purposes so that ISARIA Wohnbau, with over 60 employees, can now offer residential properties for personal use or for investment to meet the requirements of a wide range of target groups. The company primarily obtains the necessary construction rights itself. More information at: www.isaria.ag