Commerz Real and Hines buy €1b Munich Tucherpark
Commerz Real, acting together with project developer Hines, has acquired the quarter “Am Tucherpark” from Hypovereinsbank. The scheme comprises 10 buildings and is located in Munich’s Schwabing district. The purchase price was not disclosed; however, it is estimated to be €1 billion ($1.1 billion), other media outlets.
The mixed-use project has a gross floor area of some 148,000 square meters (1.6 million square feet). These are distributed across seven office buildings with approximately 99,000 square meters (1.1 million square feet), a five-star Hilton Hotel with 484 rooms on approximately 36,000 square meters (387,500 square feet), a computing center with approximately 10,800 square meters (16,250 square feet), as well as a sports complex with approximately 2,300 square meters (24,750 square feet). The properties were erected in the 1960s and 1980s, whereby the majority of the buildings have been refurbished since 2018.
Hypovereinsbank will remain the tenan