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Change of ownership starting May 1, 2021: ACCUMULATA and JV Partners acquire Motorama Ladenstadt in Munich

·3-min read

DGAP-News: Accumulata Real Estate Group GmbH / Key word(s): Real Estate/Acquisition
30.04.2021 / 11:54
The issuer is solely responsible for the content of this announcement.

Munich, April 30th, 2021. Munich-based real estate developer and asset manager ACCUMULATA will legally acquire Motorama Ladenstadt on May 1, 2021 in a joint venture with US investment manager Angelo Gordon, Schmülling Beteiligung GmbH and an affiliate of L-REA GmbH. The buyers were legally represented by Clifford Chance LLP, tax advice was provided by Ernst & Young. The seller was advised by CBRE. The c. 24,000-square-meter iconic building complex at Rosenheimer Strasse 30 is anticipated to be repositioned, with a contemporary mix of uses that will enhance the location in the long term.

Located near the river Isar and opposite Munich's art and cultural centre 'Gasteig', Motorama has been a defining part of Munich's cityscape for many years. The building complex from the 1970s, which has a direct access to Rosenheimer Platz station, has developed from an inner-city car showroom to a retail destination with a focus on convenience retail and gastronomy. "Together with the general refurbishment of the Gasteig, we believe the time has come to also lead the Motorama into a new future. With the redevelopment of the Motorama Ladenstadt, we want to create a modern, flexible and mixed-use building that also matches our high expectations on sustainability," explains Markus Diegelmann, Managing Partner of ACCUMULATA Real Estate Group, on the transfer of ownership.

In close consultation with tenants, neighbors and the authorities, the buyer consortium is currently working on various development options. Marcel Hertig, Director at Angelo Gordon adds: "We are looking forward to our first investment in the Munich real estate market and see the great potential of the property. The central downtown location and the size of the building complex qualify the Motorama for many different uses. We look forward to contributing our experience gained in the active management of urban neighborhoods, such as Chelsea Market in New York, as part of the planned repositioning."

Kord Schmülling, Managing Director of Schmülling Beteiligung GmbH: "Due to the targeted configuration of the joint venture, our team not only has a high level of local expertise, but also interdisciplinary specialists. This equips us perfectly for the upcoming repositioning."

The ACCUMULATA Group
ACCUMULATA Real Estate has been developing and financing real estate projects since 1982. The Munich-based company plans, constructs and manages state-of-the-art properties for commercial and/or residential purposes. To date, an investment volume of over EUR 3 bn, with more than 600,000 square metres of floor space have been realised. ACCUMULATA Real Estate's experience and range of services extend from site development to the marketing of the completed property. Creativity and entrepreneurial thinking ensure that the properties will increase in value. The long-term prospects are always oriented towards clients, business partners and investors - and naturally to the people who live and work in these buildings. ACCUMULATA Real Estate's projects in Munich include the Medienfabrik, the Palais an der Oper and the Stadtquartier Am Südpark with SÜDWINK, as well as the Forum Steglitz in Berlin. For further information please visit: www.accumulata.de

Press Contact Agency
SCRIVO Public Relations
Contact: Oguzhan Acay
Elvirastreet 4, Rgb.
D-80636 Munich
tel: +49 89 45 23 508 21
e-mail: oguzhan.acay@scrivo-pr.de
internet: https://scrivo-pr.de/

Press Contact Company
ACCUMULATA Real Estate Group
Contact: Ramona Schellinger
Rindermarkt 5
D-80331 Munich
tel: +49 89 178035-0
e-mail: rschellinger@accumulata.de
internet: https://www.accumulata.de/


30.04.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Accumulata Real Estate Group GmbH

Rindermarkt 5

80331 München

Germany

Internet:

www.accumulata.de

EQS News ID:

1191248


 

End of News

DGAP News Service

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