Hammer AG launches joint venture to develop ISARLEITEN residential and commercial complex

Berlin, Munich, July 15, 2021 – Hammer AG and the lawyer Lorenz Mayr have entered into a joint venture, Tassilo GmbH & Co. Grundstücks KG, to develop the ISARLEITEN residential and commercial complex with a total of around 8,200 sqm of above-ground floor space at Wolfratshauser Strasse 90-92 in Obersendling. Upon completion, the property will be integrated into the Hammer AG portfolio. The new complex will feature modern architecture and enjoys a direct, unobstructed location on the banks of the Isar River, offering state-of-the-art living in all price categories, plus a grocery retailer, all centered around an attractive courtyard. The distinctive ‘Munich Mix’ is complemented by a contemporary concept for temporary living in the form of a boarding house operated by the COSI Group (now NUMA Group).

The commercial space was fully leased prior to the start of construction. The approximately 1,700 sqm ground floor unit has been leased to the full-range retailer tegut...gute Lebensmittel GmbH & Co. KG. The 50 apartments on the complex’s upper floors have also already been leased, to the serviced apartment operator COSI Group, which is led by Dimitri Chandogin from Berlin. KPMG Deal Advisory - Real Estate & Hospitality acted in an advisory capacity on the landlord side. The other 50 or so apartments in various sizes will be marketed for rent by Hammer AG from 2023.

The gas station formerly located at the site has already been demolished. Construction of ISARLEITEN is scheduled to start in Q3 2021, with completion in Q4 2023.

Hans Hammer, CEO of Hammer AG: “The property accommodates a highly attractive and complementary mix of uses, and we are delighted to add it to our existing portfolio.” Lorenz Mayr is equally pleased to enter into partnership with Hammer AG, a sustainability-oriented partner who shares the portfolio holder’s philosophy on rental housing construction.

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