School building to be constructed on underground car park: Successful urban consolidation at Albert-Schweitzer-Straße 62-68 is the first project of its kind in Germany
Frankfurt/Munich, 10 December 2021 – The delivery of the first timber modules for the new, state-of-the-art school building at Albert-Schweitzer-Straße 62-68 in Neuperlach, Munich, marks the start of the final phase of a complex project development by real estate investment manager Corestate. The company acquired the existing property located at this address in 2019 and developed an innovative usage concept in partnership with the city of Munich. The project involves a comprehensive revitalisation of the site, including a newly designed façade featuring timber elements that adds to the appeal of the new city quarter.
In a ceremony kept low-key due to coronavirus restrictions, Clemens Baumgärtner, Head of the Department of Labour and Economic Development of the City of Munich, officially launched the construction of the school and gave the green light for the second phase of the project. The school building will be able to accommodate 320 primary-age children and is a perfect example of successful urban consolidation. It is being constructed on an undeveloped site on top of the underground car park of a renovated commercial property and is one of the first projects of its nature in Germany. Constructing the building on top of the underground car park was made possible through the use of timber, with its lightweight nature and excellent structural properties.
The school building is an eco-friendly, modular construction built according to the highest standards in collaboration with Munich-based modular timber building company LiWooD and project developer THE BOXX SOLUTION, Tegernsee. The International Montessori School Campus di Monaco in Munich is set to lease and operate the building from autumn 2022 following its completion in the spring and subsequent interior works.
“The city of Munich takes great pride in accompanying and supporting this project, as it meets both current and future requirements for urban living and working in many respects and, in particular, sets a high standard in terms of environmental friendliness,” said Clemens Baumgärtner. “I also firmly believe that this project will make a significant contribution to strengthening the local economy by creating new retail spaces, educational institutions and culinary offerings.”
“We would say a special thanks to the city of Munich for giving their full backing to our ideas,” said Guido Beddig, Head of Asset Management Commercial at Corestate. “This is a really fascinating project that will give the city quarter some real impetus in terms of its urban development. Not only that, it also meets the highest standards of sustainable and environmentally friendly urban construction. Given its function as a carbon store and its low demand for ‘grey energy’ in production and transport, wood really is the construction material of the future.”
“Wood is a resource-friendly, sustainable material with some fantastic properties,” said Christian A. Czerny, Chief Executive Officer of LiWooD Management AG. “It has the same load-bearing capacity as steel, despite being significantly lighter. And it almost has the same compressive strength as concrete, but can also withstand tensile force, which concrete can only do if reinforced with steel. Wood is also a great insulator and is pleasant and warm to the touch, thereby offering some tangible, haptic qualities, too.”
“Modular timber construction involving elements weighing somewhere around 15 metric tonnes offers some significant benefits to neighbours, too,” said Sabrina Militello, Founder & Managing Partner of THE BOXX SOLUTION. “Timber buildings can be constructed in under a year – a significantly shorter space of time than conventional steel and concrete buildings. What’s more, there is less noise and pollution during construction, as the modules can be prefabricated and simply assembled on site.”
The new school building will also offer improved noise protection and create a healthier microclimate due to the timber modules lacking any kind of chemical treatment and the building featuring a range of attractive new green spaces. The timber for the build was produced specifically for this project in the local region, with one tree being planted for every tree felled for the timber modules. Last but not least, the schoolchildren will also be able to enjoy their very own rooftop garden during their break times.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With 830 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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