MUNICH– Hines, a global real estate investment, development and property manager, together with Union Investment, a leading real estate investment manager, today announce the rebranding of MediaWorks Munich to LOVT Munich as the building undergoes a comprehensive refurbishment program scheduled for phased completion between 2026 and 2029. The planned total investment in the project is anticipated to exceed one billion euros.
The rebranding marks the start of the regeneration to transform largely vacant existing space of c.96,000 square meters in Munich's Werksviertel district into a sustainable, modern and mixed-use ensemble of buildings including office, gastronomic, cultural and creative spaces, that aims to enrich the district, which is known for its creative qualities.
A key facet of the regeneration is a comprehensive ESG strategy focused on preserving much of the existing buildings and sustainably refurbish other parts with a lens on reducing both embodied and operational in design carbon. This includes revitalization of the existing buildings retaining their heritage features including ceilings of 4.20 meters, sustainable redesign of the attics, an inviting façade design and large parts of the roof areas and courtyards greened and equipped with complementary uses. In addition, eco-friendly materials will be used, including wood or a wood-hybrid combination for two new buildings. Beneath one of the newly designed courtyards, an underground parking garage with c.470 parking spaces is planned to be built. The sustainability concept aims to ensure the highest technical standards are met creating an attractive and sustainable rental space for future users. In addition, the building and its technical components are designed in such a way that the concept of CO2-neutral operation is pursued. The result is anticipated to be a neighborhood that complies with the European taxonomy representing added value in the long term for all stakeholders.
LOVT is located between Munich's Ostbahnhof and Karl-Preis-Platz in the Werksviertel district. Since the 1990s, the former production site has developed into a lively and up-and-coming location with more than 100 companies. The infrastructure is enriched by gastronomy, stores, cultural enterprises, sports, a conference center, doctors, childcare and the newly planned concert hall in the heart of the quarter. It’s also ideally connected through Ostbahnhof, the S-Bahn and subway, bike paths and the direct connection to Mittlerer Ring and the freeways A8, A94 and A99. The name LOVT Munich is derived from the love of Munich (LOVE), the connection to cultural institutions, the defining character of the Werksviertel and the site's status as a former production facility (LOFT). The V stands for connection, change, playfulness and responsibility.
Hines and Union Investment acquired the building in a joint venture in spring 2021. Union Investment acquired the majority stake for its two open-ended mutual property funds UniImmo: Deutschland and UniImmo: Europa. Hines is also an equity investor and takes over the role of managing the operational development on site.
Alexander Möll, senior managing director at Hines in Germany, says: "With all our project developments, we want to create places that put people at the center. LOVT becomes the southern gateway to the Werksviertel and connects the entire district with the immediate neighborhood and the city. By preserving the existing buildings, it continues the industrial heritage of the Werksviertel, yet retells it. In this way, the development intends to lead the district into a modern future: sustainable, diverse and natural – our credo of a meaningful ESG strategy."
Monika Gerdes, head of manage to core at Union Investment, adds: "Part of the space will be opened up to resident cultural and creative professionals, so-called "local heroes," who reflect the productive spirit of the neighborhood and vibrant urbanity. The center of the LOVT building ensemble is formed by courtyards, which create a place for meeting and interaction through a pavilion and intensive greening. A large roof terrace creates exclusive areas for the tenants as well as additional spaces that are to be understood as an invitation to the neighborhood and the population to linger. Through this, LOVT creates a real ecological and social mix and aims to provide added value for a good coexistence of neighbors, tenants and visitors of the Munich population."
For more information on LOVT Munich, please visit: www.lovt-munich.com
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. We manage a $92.3B¹ portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 634 properties totaling over 225 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 17 cities as well as a presence in 79 cities in 14 countries. Hines oversees investment assets under management valued at approximately €25.3 billion and provides third-party property-level services totaling 4.7 million square meters in Europe, in Austria, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
To learn more about Hines, visit www.hines.com.
¹Includes both the global Hines organization as well as RIA AUM as of June 30, 2022.
About Union Investment
For more than 50 years, Union Investment has stood for forward-looking real estate investments worldwide. With assets under management of around EUR 54 billion in open-ended mutual property funds, special funds, as well as service and bundling mandates, Union Investment is one of Europe's leading real estate investment managers. The investment focus is on the office, retail, hotel, logistics and residential sectors. Union Investment currently holds around 500 properties in 26 countries in its actively managed portfolio.