Munich, 14 October 2009 - Through the E&G Bridge Equity Fund, E&G Financial Services GmbH is investing in the commercial section of the MK 3 construction site in Munich's Arnulfpark in a joint-venture project with Vivico. The fund now owns half of all shares in the project company.
The planned office building will have gross floor space of around 25,000 square metres (82,000 square feet). Dr. Ralf Schneider, Head of Vivico Munich: "This building gives us a further opportunity to offer the Munich real estate market contiguous office space for up to 1000 workplaces. In this particular inner-city location, such space is rare."
The building was designed by Stuttgart architects Lederer + Ragnarsdóttir + Oei, who were awarded the contract following a realisation workshop in cooperation with the City of Munich.
The planned office building will be flanked by two residential towers measuring 40 metres (145 feet) in height and with a total of 92 rental flats, as well as another office building to the east with around 15,000 square metres (49,000 square feet) of gross floor space. The towers and the office building, called Central & Park, have been purchased by AXA Lebensversicherungs AG and are currently also being built by E&G Financial Services GmbH in concert with alpha invest Projekt GmbH.
Another Vivico building project currently underway is the SKYGARDEN in Arnulfpark, which is being built in cooperation with OFB Projektentwicklung. The building, measuring 33,000 square metres (108,270 square feet) in gross floor space, will soon be home to the Munich branch of auditors PricewaterhouseCoopers, who have acquired 15,700 square metres (57,400 square feet) of it.
The completion of this project also marks the gradual end of building in the Arnulfpark district. It was only in September that the four-star hotel Eurostars Grand Central was unveiled. November 2009 is set to see the Apart'hotel of the Citadine Group follow suit.