Karlsruhe/Munich, 07. August 2020 - Following a 17-month construction phase, the revitalisation of the office building at the heart of the KWARTIER development in Karlsruhe has been completed and the Institute for Federal Real Estate (BImA) has been handed the keys to its 9,000 square metres of rental space on Philipp Reis Strasse/Rüppurrer Strasse on schedule. The extensively modernised office building is now ready to welcome the Central Customs Authority, whose employees will be relocating to their state-of-the-art workspaces over the next few weeks. To mark the handover, Sven Häfner, Member of the Board of Management at GIEAG and Project Manager for developments in Karlsruhe, hosted a small ceremony with representatives of the principle tenant, BImA.
With Phase I complete, the next stage of the KWARTIER development in the heart of Karlsruhe's Südstadt district is ready to begin. Phase II will see the construction of a multi-storey underground car park and almost 250 owner-occupied and rental apartments.
Thomas Männel, CEO of GIEAG Immobilien AG: "The successful completion of the extensive revitalisation measures and the on-schedule handover of the office space to BImA is - especially given the restrictions imposed on us by the Covid-19 pandemic - entirely the result of professional teamwork. On behalf of GIEAG, I would therefore like to thank every single one of the project's many stakeholders. Handing over the keys to this office building to the Institute for Federal Real Estate (BImA) marks yet another significant milestone in our KWARTIER development and offers further proof of our expertise in recognising development potential".
Manuel Luft, Managing Director of LUFT GmbH Architekten und Ingenieure: "Despite what were at times exceptionally challenging circumstances, we successfully completed the refurbishment and extension of this major office building as planned and, with the conclusion of the official acceptance procedure, are delighted to hand the building over to its new users. We are sincerely grateful to all of the dedicated workers and planners for their outstanding commitment to this project. And of course, our thanks also go out to our client for their unwavering confidence in our work".


About GIEAG Immobilien AG:
GIEAG is a family-run, Munich-based public limited real estate company. Shares in GIEAG Immobilien AG are traded on the Munich Stock Exchange. Combining three asset classes -- office, residential, and logistics - and two service areas - development and portfolio management - the company brings to market a range of uniquely stable investment opportunities. GIEAG's team of experts stands as a guarantor for innovative and forward-looking real estate investment concepts.
Over the past 20 years, GIEAG Immobilien AG has developed and optimised a substantial number of properties with floor areas of up to 145,000 square metres in projects involving individual investment of between EUR 15 million and EUR 150 million. Partnership, transaction security, consistency and agility are the guiding principles by which GIEAG Immobilien AG achieves its long-term goals of increasing shareholder value.