- 7,400 m² of listed, historic conversion space
- Part of the Diamaltpark district development in Munich with 721 residential units
Munich, November 20, 2019: The Optima-Aegidius-Group has purchased property encompassing approximately 7,400 square meters of gross floor area in Munich-Allach from ISARIA Wohnbau. Conversion of the historic baking powder and malt facilities on the former Diamalt grounds into loft offices is set to begin in early 2020. It will also see the creation of 25 apartments and 91 parking spaces for the employees of the future loft tenants.
Additional features include a public square, a daycare center that will be devolved to the City of Munich and, in a separate production tract, a community room, which will serve as a central meeting point for residents.
The Optima-Aegidius-Group is investing around 40 million euros into the project, which will go by the name “The Malt.” Office space is expected to be offered starting at 20 euros per square meter.
“Allach isn’t necessarily at the center of Munich’s office market, but the uniqueness of this historic industrial site with ceilings up to six meters high and an unbeatable view of the Alps is the ideal place for innovative companies looking to offer their employees something extraordinary and creative with an industrial charm,” say the Laub brothers, who are investing on behalf of the Optima-Aegidius-Group.
“The loft offices and condominiums planned are an excellent addition to the Diamaltpark grounds. They truly underscore the appeal of this district,” explains Gerhard Wirth, COO of ISARIA Wohnbau AG.
ISARIA Wohnbau is currently constructing approximately 50,000 square meters of residential space comprising around 700 residential units on the part of the Diamaltpark grounds that has not been sold.
The Optima-Aegidius-Group is an owner-operated project developer and portfolio manager with 50 years of experience. In addition to the core markets of Berlin and Munich, it also invests in the markets of Toronto, Montreal, Cadíz, Kitzbühel, Detroit, and New York With around €2bn in classic development projects, the Group—owned by the brothers Dr. Ulf Laub and Dr. Jens Laub—also manages a real-estate portfolio comprising over 130,000 m² of gross floor area divided into around 600 apartments. The Group’s balance sum totals to €400m.
ISARIA Wohnbau AG is one of the leading project developers for residential construction in Munich. The range of projects it has completed includes multi-story apartment blocks, district developments and the regeneration of buildings previously used for commercial purposes. ISARIA Wohnbau AG, with its 90-some employees, can now offer residential properties to meet the requirements of a wide range of target groups. The company has 20 years of experience along the entire project development value chain, including proven skills in obtaining construction rights. Based on its strong market position in Munich, ISARIA Wohnbau AG has successively expanded its activities in recent years to further regions with projects in the greater Munich area, as well as in Hamburg, Stuttgart, and Frankfurt am Main. The company’s project pipeline has a current planned sales volume of more than EUR 2.9 billion.
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