New affordable apartments and offices for the Free State in the middle of Munich: From the point of view of the Ministry of Construction, such a use is conceivable for the property of the Bayerische Landesbank (Bayern LB) on Oskar-von-Miller-Ring and Brienner Straße. This emerges from a response from Finance Minister Albert Füracker (CSU) to a request from FDP MP Sebastian Körber. The house bank of the Free State is planning to move its headquarters and then wants to sell the property that will no longer be needed, on which around 3000 jobs are currently housed.
Körber had asked to what extent the area could be considered for one of the state housing companies whose task is to build new affordable housing. In his reply, Füracker writes that “in principle” the building ministry led by Christian Bernreiter (CSU) does not rule out “a state interest in the area for administrative and residential purposes”.
Füracker also refers to the fact that Bayern LB, as a public-law institution that is 75 percent owned by the Free State and 25 percent by the Bavarian Savings Banks Association, is currently planning to sell the 27,000 square meter property to the highest bidder. “Participation in a possible bidding process will have to be decided in due course,” writes Füracker.
The Free State would have to bid on the property of its bank against investors
That would lead to the curious situation that the Free State would have to compete with national and international investors to get hold of a property that it indirectly owns 75 percent. Munich brokers estimate the value of the area between almost one billion and up to 1.6 billion euros. Bayern LB commissioned an “external appraisal” but it is not yet available, Füracker writes.
The FDP MP Körber advocates that housing associations and authorities “register their state needs for the property”. He was “not convinced that the Free State should buy the whole property”, but maybe it could be divided up before the sale and go to different bidders. The state government should exert influence in this sense through its representatives on the Bayern LB Supervisory Board.
Füracker also addresses the question of what role the history of the property plays. The Wittelsbacher Palais used to stand on the Bayern-LB site, where the Secret State Police (Gestapo) was based during the Nazi era. Bayern LB “already dealt with the history of the headquarters in an open and transparent manner at an early stage,” writes Füracker. In the course of preparing for the sale, the institute is examining “several suitable solutions to ensure a worthy memorial to the atrocities committed during the National Socialist era in the long term.” A plaque commemorates the history of the site.
Bayern LB postponed the decision for a new location at the end of March. A lease for a new office quarter in Obersendling was almost ready to be signed. But then the bank backed down, citing the economic uncertainties caused by the Ukraine war as the reason. Bayern LB is apparently aiming for 2025 as the date for a move, and Füracker writes of an “anticipated need” for new office space in that year.