ABG Real Estate Group has sold a residential estate in Munich with 66 means-tested subsidised apartments together with commercial space to BayernHeim GmbH, the state-owned housing association. The 66 apartments are situated in a building ensemble with three entrances and a total floor area of 6,875 sqm. The deal means that ABG has managed to sell off more than 80 percent of its project Living Isar, located in the Giesing district of Munich. In all, the project comprises 17 buildings with a total of 423 apartments, built on the former OSRAM premises in Munich-Giesing, close to the floodplains of the Isar river. The 31,500 sqm site offers living space for more than 1,000 residents. Total project investment volume amounts to approximately €300m. Close to 100 of the apartments are subsidised. Two additional day care centers are being built in cooperation with the City of Munich and will be available to children from the wider neighborhood.
