Swiss Life buys in Munich
Swiss Life Asset Managers is expanding its real estate portfolio in Germany and acquiring the 54-meter "White Tower" hotel tower in Munich. The purchase of the tower, which is currently under construction in the "Bavaria Towers" high-rise ensemble, was made for Swiss Life Germany's insurance business and is one of the largest hotel transactions for the company.
The seller is Bogenhausener Tor Immobilien GmbH, a property company with the investor and majority shareholder Von der Heyden Group. The developer of the entire high-rise ensemble is the Munich-based company Bayern Projekt. The parties have agreed not to disclose the purchase price. The transaction was supported by Corpus Sireo Acquisitions.
The "White Tower" hotel tower is part of a striking new-build real estate ensemble at the eastern entrance to Munich, where a total of four cityscape-defining towers - three office towers and one hotel tower - will be built. The "White Tower" with a floor area of 15,000 sqm is leased for 20 years from completion in 2018 to the H-Hotels AG Group, which will operate a Ramada hotel with 345 beds there.
The "White Tower" is currently being built together with the "Blue Tower" and is intended for certification in accordance with the LEED Gold sustainability standard. The total investment for the two towers is estimated at 160 million euros. In addition to the hotel tower and the "Blue Tower," two other office towers are being built at Vogelweideplatz, right at the start of the A 94 freeway. The "Sky Tower" with a height of 83.6 meters and the "Star Tower" with a height of 46 meters belong to Zurich Insurance. Both towers are also already under construction.
The design of the Bavaria Towers with the hotel tower and the three office towers with a total of 62,000 sqm of rental space is by Spanish architects Fuensanta Nieto and Enrique Sobejano. (ah)
