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"Fünf Höfe", Munich, Germany /// Image: Fünf Höfe
"Fünf Höfe", Munich, Germany /// Image: Fünf Höfe

Union Investment Is Selling “Fünf Höfe” In Munich

According to the German Süddeutsche Zeitung, Union Investment wants to sell the shopping arcade “Fünf Höfe” in Munich´s old town center to one of Germany’s richest families. The purchase price is expected to be just under 800 million euros.

The buyer is reportedly a company of the Athos Group, with which one of the richest families in Germany, the Strüngmann family, manages its assets. A spokesperson on behalf of the Strüngmann family has confirmed to SZ that there is already a written agreement on the deal between Union Investment and Athos, but that the transaction is not expected to be completed until the end of the year. As of now, there is no official information on this.

The “Fünf Höfe” were built between 1998 and 2003, and have since become a major attraction in Munich’s city center. In addition to around 60 stores and about a dozen restaurants, the Hypo-Kunsthalle is also located there.

Hypo-Vereinsbank sold the “Fünf Höfe” to a predecessor company of today’s Union Investment in 2003. According to reports, Athos is not planning any major changes to the “Fünf Höfe”, but intends to continue the apparently well-running business in the ensemble, reports SZ.

The twins of the Strüngmann family, Thomas and Andreas Strüngmann, were founders of the pharmaceutical company Hexal and are major shareholders in Biontech. They have also been investing in real estate on a large scale for years, for example as investors in the luxury apartment builder Legat Living. Furthermore, they also work together with the Grünwald-based real estate company Rock Capital, which has numerous large projects in Munich and the surrounding area, as well as in other cities.


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