Patrizia Immobilien has purchased a portfolio with 91 new residential units in Munich. The residential units, with a total area of approximately 6,000 sqm, are currently being built along the Willy-Brandt-Allee in the trade fair city of Riem. The property was acquired directly from the property developer TBB Ten Brinke-Projektentwicklungs-GmbH from Regensburg on behalf of a real estate fund that Patrizia manages. The parties have agreed to keep the purchase price confidential. The modern residential and commercial building is currently being constructed in the form of a perimeter block. The residential units range from one to four rooms and areas from 34 and 118 square metres. The construction is expected to be completed in two years.
