Engelhardt Real Estate Group and Empira AG Joint Venture Acquires Siemens Mitte Property in Erlangen

Erlangen/Zug, December 3, 2021 - A joint venture between the Erlangen-based Engelhardt Real Estate Group and Empira, the leading investment manager for institutional real estate investments headquartered in Zug, Switzerland, has purchased the Siemens Mitte property in Erlangen, Germany. The property sits on a parcel of land measuring approximately 35,000 m² with a gross floor area of more than 70,000 m² divided across four office buildings. It is located in the center of Erlangen on Werner-von-Siemens-Straße, a main traffic artery.

The seller is a fund managed by Hamburg-based investment management firm MPC Capital. The parties agreed not to disclose the purchase price of the asset deal.

The buildings are still currently leased to Siemens AG. In the coming months, the Engelhardt Real Estate Group, which is the joint-venture partner responsible for developing the project, will work on a more detailed use concept for the area across from the well-known "Himbeerpalast" building.

"As the regional project developer on-site in Erlangen, it is a great pleasure for us to play a major role in such an important development for the city of Erlangen just a stone's throw from our main office on Nägelsbachstraße. Our previous Erlanger Höfe project is proof positive that we can take a former commercial property and create the type of attractive multi-use building the region needs both in and with the city of Erlangen," says Georg Engelhardt, CEO and founder of the Engelhardt Real Estate Group. "Empira AG is a reliable partner with proven expertise in real estate we will work shoulder to shoulder with to redevelop this property in the heart of the city."

As Empira AG CEO Marcus Bartenstein explains, "The property is in an appealing location with great potential and is perfectly suited for development of a cross-generational urban neighborhood. We are looking forward to working with the Engelhardt Real Estate Group to develop a use concept that offers sustainable added value for Erlangen's residents."