AXA IM Alts and Accumulata Real Estate plan development of sustainable hybrid timber office in Munich
AXA IM Alts has acquired a site in central Munich, on behalf of clients, on which it plans to develop an innovative and highly sustainable hybrid timber office, commissioning Accumulata Real Estate as the local developer.
The site sits in close proximity to the city’s central railway station and was acquired from a Mondis Immobilien GmbH (previously Capital H Immobilien GmbH). AXA IM Alts is undertaking the €185 million ($218 million) project on behalf of its fifth-generation development strategy which recently raised €800 million ($942 million) at first close and is targeting developments with strong ESG credentials with a particular focus on high-quality, technologically advanced and amenity-rich office developments that are experiencing increased occupier demand as a result of COVID-19. Accumulata Real Estate, a local developer and investment manager, will use its experience in driving innovative and future-oriented approaches that focus on people, architecture