ACCUMULATA and JV partners acquire Motorama Ladenstadt in Munich
Munich-based real estate developer and asset manager ACCUMULATA is to acquire Motorama Ladenstadt on 1 May, 2021 in a joint venture with US investment manager Angelo Gordon, Schmülling Beteiligung, and an affiliate of L-REA.
The buyers were legally represented by Clifford Chance LLP, tax advice was provided by Ernst & Young. The seller was advised by CBRE. The c24,000-square-meter 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, neighbours and the authorities, the buyer consortium is currently working on various development options.
Marcel Hertig, Director at Angelo Gordon, says: "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 neighbourhoods, such as Chelsea Market in New York, as part of the planned repositioning."
Kord Schmülling, Managing Director of Schmülling Beteiligung, says: "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."