Bayerische Hausbau, a construction and real estate company belonging to the Munich-based Schörghuber corporate group, has purchased the HypoVereinsbank head office complex located at Kardinal-Faulhaber-Strasse 1 in Munich. The Bank had already announced the sale of this property in the spring of this year. The transaction includes the Preysing Palais and Salvator parking station. The parties have agreed not to disclose the purchase price. Bayerische Hausbau will integrate Kardinal-Faulhaber-Strasse 1 in its portfolio of 200 properties.
The sale is part of a large-scale project in which the Bank will renovate the Arabella Park tower building from top to bottom over the next few years, transforming it into a "green building". After completion of the renovation work, the members of the HypoVereinsbank Management Board, who currently have their offices in the former Bavarian State Bank building, will relocate to the tower at Arabellapark. The Bank will remain as a tenant in the Kardinal-Faulhaber-Strasse 1 complex until the tower construction project has been finished