GSK Stockmann provided comprehensive advice to Patrizia SE on the sale of the office building CO:WK in Munich’s Werksviertel to the pension fund of Wacker Chemie.
Wacker Chemie’s pension fund (Pensionskasse der Wacker Chemie VVaG) has acquired the project on the MK 7 construction site in Munich’s Werksviertel district for Wacker Chemie AG’s new headquarters. The Werksviertel is a former industrial park which has developed into a trendy and forward-looking neighbourhood in recent years. Patrizia has been the owner of the property since 2019.
The building, designed by the Danish architectural firm C. F. Møller, has more than 18,000 square metres of lettable flexible-use office space over six floors as well as more than 200 underground parking spaces. It is being built to the highest ESG standards (LEED Platinum) and is scheduled to be completed by the end of 2023. The parties have agreed to keep the purchase price confidential.
GSK Stockmann provided comprehensive advice to Patrizia on all legal aspects of the sale with a team led by real estate partner Andreas Eichler. GSK Stockmann previously advised Patrizia on leasing the property to Wacker Chemie AG last year.
Advisers of Patrizia SE:
GSK Stockmann: Andreas Eichler (lead, Real Estate Transactions & Investments), Mark Butt (Public Building & Planning Law), Katrin Reisich (Private Building Law); Associates: Benjamin Scheuber (Real Estate Transactions & Investments), Esther Seibt-Pfitzner, Stephan Wachsmuth (both Tax)