A spectacular real estate deal is imminent in downtown Munich: The fund company Union Investment wants to sell the “Fünf Höfe” shopping center, the price is said to be almost 800 million euros. The buyer is a company in the Athos Group, with which one of the richest families in Germany, Thomas Strüngmann and Andreas Strüngmann and their relatives, manages their assets.
A spokesman for the Strüngmann family confirmed to the SZ that there was already a written agreement between Union Investment and Athos on the deal, but that the transaction would probably not be completed until the end of the year. Union Investment did not comment on the matter. The specialist media had it first on Wednesday Real estate newspaper and “React News” reported on the change of ownership at “Fünf Höfen”. They also named the purchase price, which was confirmed to SZ from industry circles. There is no official information about this.
The “Fünf Höfe” were built between 1998 and 2003 according to plans by the architects Herzog/de Meuron on a former Hypo-Vereinsbank site and have since developed into an attraction in downtown Munich. In addition to around 60 shops and around a dozen restaurants, the Hypo Kunsthalle is also housed there, and there are offices and doctors’ surgeries on the upper floors.
Hypo-Vereinsbank sold the “Fünf Höfe” in 2003 to a predecessor company of today’s Union Investment. According to reports, Athos is not planning any major changes in the “Fünf Höfen”, but rather wants to continue the apparently good business in the ensemble.
The twins Thomas and Andreas Strüngmann were founders of the pharmaceutical company Hexal and are major shareholders in Biontech. The magazine Forbes estimates their assets at almost ten billion euros each. You have also been investing in real estate on a large scale for years, for example as a financier for the luxury residential builder Legat Living. They also work with the Grünwald real estate company Rock Capital, which has numerous large projects in Munich and the surrounding area, but also in other cities. In addition, the Strüngmann family recently founded their own company with partners for the development of new real estate projects.