The nationwide project developer GIEAG Immobilien AG (GIEAG) has sold a residential complex in the Munich metropolitan region to a special real estate AIF managed by WERTGRUND Immobilien AG. The “SÜD.LEBEN” residential complex in the new “Kirschgarten” development comprises 30 subsidized rental apartments with two to four rooms as well as associated underground parking spaces and is located in Geretsried near Wolfratshausen south of the Bavarian capital. The apartments have sizes between 52 and 107 square meters, the total living space amounts to 2,227 square meters. The transaction was accompanied by the brokerage firm Colliers International Deutschland GmbH. Legal advice to GIEAG was provided by Stock + Partner Rechtsanwälte mbB, WERTGRUND was advised by Greenberg Traurig Germany LLP. Both parties have agreed not to disclose the purchase price.
The property is part of a building ensemble as part of the new construction project “Kirschgarten”. A total of four houses with 98 apartments and 124 parking spaces have been built. In the three other buildings, 68 privately financed condominiums were realized. All buildings are supplied with energy by a gas pellet heating system. Moreover, there is a playground for communal use on the property.
As part of the Architectural Tours 2020, the new building project “Kirschgarten in Stein” was also awarded a prize under the motto “Resource Architecture” as one of a total of 241 projects throughout Germany. The urban development concept of the residential complex and the “character of a garden city” were particularly praised.
“In the ‘SÜD.LEBEN’ project, we have combined all the advantages of modern living, such as generously cut floor plans, functional fittings and timeless architecture, with an attractive location. The immediate vicinity to lakes, forests and the Isar meadows offers in addition to the residential quality also further quality of life”, elucidates Thomas Männel, GIEAG board member, and adds: “I am pleased that the quality of our project development has been recognized through the sale of this part of the building. The modern conceptualization of properties and our excellent team of experts have contributed to this success.”
“We are delighted to be able to add this high-quality new-build property to our portfolio in Bavaria, which, with its subsidized apartments, is a perfect fit for our ESG strategy,” emphasized Thomas Meyer, CEO of WERTGRUND Immobilien AG.
The location of the “SÜD.LEBEN” residential complex is very well situated. Geretsried is part of the Munich metropolitan region and is the largest town in the Bad Tölz-Wolfratshausen district. The state capital is 35 kilometers away and the location has excellent connections to both the road network and public transport.