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Press Release

GEG: the PASING CENTRAL development project in Munich reaches realisation phase

Frankfurt, 22.05.2018

Frankfurt-based project manager GEG German Estate Group AG's PASING CENTRAL quarter development has reached its realisation phase. Directly opposite Munich's Pasing station, in the area between Bäckerstrasse, Am Schützeneck and the Pasing Arcaden shopping centre, the existing building stock – with a floor space of approximately 7,000 sqm – will become part of an integrated city quarter that is to include condominiums, shops, rental flats, subsidised housing, and doctors' practices. 

The current buildings at Bäckerstrasse 1 and Bäckerstrasse°3 (both buildings with flats and doctors' practices) will be refurbished in two phases; in the first phase, commencing in the coming weeks, all necessary security and preparing measures will be implemented. In the second phase, commencing in the beginning of the year 2019, the buildings will be given new, energy-efficient façades, and the flats will be refurbished. During the period of refurbishment of the flats the incumbent tenants will leave their apartments temporarily. GEG will agree on a period of approximately two months for the refurbishment of the flats with incumbent tenants. During this period, GEG will refrain from letting vacant flats, thus being able to offer tenants a replacement flat in the same building. GEG will also organise the necessary relocations, and bear the costs incurred. All tenants will be able to return to their previous flats after the completion of refurbishment, which is scheduled for conclusion by (end of 2019/beginning of 2020).

Construction work for both new buildings on Bäckerstrasse, and in the eastern part of the area, will begin in summer 2018; completion is expected by mid-2020. In order to keep noise and dirt pollution for tenants and residents at a minimum, GEG is preparing a comprehensive protection concept for construction site logistics; it envisages noise-reduced machinery, efficient transport of building materials – largely via side roads (i.e. not via Bäckerstrasse) – and clearly defined work and rest phases. Public transport, especially in Bäckerstrasse, will not be noticeably affected. GEG will inform tenants and local residents on a continuous and transparent basis about construction work progress. The project manager has also set up a contact point where any unforeseen developments and concerns that tenants and local residents may have can be dealt with immediately.

Including the two new buildings, the project will create a total of 78 new flats, of which 66 are condominiums with rental spaces of between 30 and approx. 130 sqm, and 12 subsidised flats with rental spaces of between 40 and approx. 80 sqm. 40 per cent of the condominiums have already been sold, and a further 20 per cent have been reserved in advance. All flats will boast solid upscale basic facilities. Prospective buyers and tenants please contact the distribution partner Walser Immobilienwelt. In addition to the residential units, the project will create approximately 1,500 sqm of retail space. 

The PASING CENTRAL project marks completion of the successful city quarter development around Pasing station and opens the area up to the "Paseo" promenade, thus making a significant contribution to the attractive design of the area, and enhancing the station location. A pleasant, integrated appearance and attractive residential units, plus expanded convenience retail options through additional outlets add to this. 

About GEG German Estate Group AG
Based in Frankfurt/Main, GEG German Estate Group AG maintains one of the leading German investment and asset management platforms for commercial real estate. Its investment focus and policy are concentrated on three segments: Institutional Business, Opportunistic Investments, and Project Development. Since its establishment in 2015, and within the framework of this clearly-defined strategy, GEG has consistently pursued opportunities to build an extensive and diversified real estate portfolio, comprising some €2.4 billion in assets under management. Besides landmark properties such as the IBC Campus, luxury hotel Villa Kennedy and the Japan Centre in Frankfurt/Main, the portfolio comprises the Sapporo Circle in Munich, as well as developments such as the MainTor city quarter, the Global Tower and the RIVERPARK Tower in Frankfurt, as well as the Opera Offices in Hamburg and the "Junges Quartier Obersendling" development in Munich. The long-standing track record and outstanding reputation of senior management, together with a highly qualified and experienced team, provide the foundation for a leading market position. The two shareholders of GEG German Estate Group AG are Frankfurt-based Deutsche Immobilien Chancen Group ("DIC") as well as KKR Kohlberg Kravis & Roberts, a leading global investment house with exposure to asset classes such as private equity, infrastructure, as well as real estate. Ulrich Höller is Chairman of GEG's Management Board. 

More detailed information about GEG is available on www.geg.de.

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