German lender Pbb is providing a €106 mln loan to developer Bauwerk for the construction of a residential and office complex in Munich.
Located in the district of Neuhausen, the Vinzent mixed-use will be the first inner-city wood-hybrid ensemble in Munich and will offer around 13,400 m2 of space across 56 residential units.
Bauwerk is aiming for Leed Gold certification for the office building. Completion of the entire ensemble is planned for mid-2024.
Dirk Jakubiak, head of pbb's real estate financing business for the southern Germany region, said: ‘The topic of sustainability is also becoming increasingly important in the real estate industry - the demand for ecological and innovative concepts is also increasing, and especially in inner-city centers. We are therefore very pleased to be able to implement this project for our long-standing customer Bauwerk in our home region.’
Jürgen Schorn, managing partner of Bauwerk, added: ‘Vinzent is one of the most popular projects for our customers. A year after the start of sales, 50% of the 56 condominiums with one to four rooms have already been sold. Never before have we built a project whose apartments we have placed so quickly.’