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Vonovia acquires Munich resi development

The largest building section in the “Gmunder Höfe” residential project in Munich, which UBM is developing together with its partners Baywobau and Rock Capital, has been sold through a forward deal: Vonovia, the leading German residential corporation headquartered in Bochum, has bought the first part with 322 housing units and a day-care centre. Construction on this approximately 14,000 m² site started in March 2020, and completion and transfer are scheduled for the second half of 2023. Work has also started on the next building section, in total roughly 450 apartments will be built on a total area of approximately 20,000 m² by summer 2024.

UBM currently has 600 apartments under development in Munich and has also established a strong presence in other top cities – nearly 500 apartments are under development in Berlin, 600 in Prague and even over 1,000 in Vienna.

“The residential sector shows no signs of a Corona-related paralysis. In addition to private persons, institutional investors are increasingly turning to this asset class – whereby the focus is definitely on the major cities“, comments Thomas G. Winkler, CEO of UBM Development.

Das Münchner Projekt Gmunder Höfe. © UBM Development
The project in Gmunderstrasse with roughly 450 units also includes two day-care centres and over 470 parking spaces. The location in Obersendling, which was previously an important commercial location for the Bavarian capital, has become increasingly attractive as a residential area in recent years. Many Munich residents value the close proximity to the Isar River and fast connections to the inner city via underground and rapid transit railway. UBM, Rock Capital and Baywobau share the project development on an almost equal basis. The parties have agreed not to disclose any information on the purchase price for the first building section.