A visionary investment with excellent prospects
“The Riem Arcaden StadtQuartier comprises four property types serving hundreds of users. Its broadly diversified structure illustrates to perfection the qualities that enable open-ended real estate funds to deliver stability and security,” says Thomas Röhrs, manager of the UniImmo: Deutschland fund. The complex was created by DIFA and shopping centre developer mfi between October 2001 and April 2004 as part of the ambitious redevelopment of Munich’s former airport and officially opened in 2004. The project involved a total cost of around EUR 500 million, making it the largest investment to date on behalf of the EUR 10 billion UniImmo: Deutschland open-ended real estate fund. “It was recognised at an early stage that a catalyst was needed to drive the wider redevelopment project,” explains Bent Mühlena, head of Real Estate Project Management at Union Investment. “This led to the planning and construction of the StadtQuartier complex, which was designed to meet the demand for modern office space while also providing a rich mix of shopping opportunities that would appeal to all age groups.”
Located in eastern Munich, the StadtQuartier combines retail, work, leisure and residential functions across a gross floor area of 130,000 sq m. The mixed-use complex features a shopping centre with restaurants, cafés and services, a neighbourhood centre, apartments, offices, a hotel, parking facilities and a medical centre. Offering a wide choice of places to eat, the dedicated restaurant zone has become a real attraction, while the configuration and diversity of Riem Arcaden play a key role in creating a vibrant urban core for the new Messestadt Riem neighbourhood.
The mature mix established in traditional districts over many decades has been successfully replicated here from day one. With the shopping centre attracting tenants and visitors alike, Riem Arcaden serves as “a city within a city”, stimulating growth and development across the new Messestadt Riem district. This sustained relevance also benefits investors. Thanks to a blend of diversification and far-sighted planning, Riem Arcaden has been a major source of stability in Union Investment's UniImmo: Deutschland fund portfolio for over a decade. The decision to create a major mixed-use development at this location has been proved right: the Riem Arcaden complex is set to be expanded soon.