Wacker Neuson sells real estate company in Munich
Last Friday, Wacker Neuson SE sold a real estate company belonging to the Group to the ISARIA Group in Munich. The real estate business had been developing a former Wacker Neuson property in Munich-Milbertshofen covering an area of approximately 27,000 m2. Following the construction of the new R&D center for light equipment in Reichertshofen, the property was no longer required.
The sale has generated profit before tax of more than EUR 50 million for Wacker Neuson SE in the current fiscal year. This aligns with the expectations communicated by the Group in February 2017.
The former industrial site is located close to Munich’s Olympiapark. ISARIA plans to build an urban quarter here over the coming years, which will include a high proportion of residential buildings.
“We are delighted to have sold the former industrial site to such a competent and financially sound company as the ISARIA Group. ISARIA will be creating additional space in the currently strained housing market and also offering a family-friendly infrastructure, which will benefit both the city of Munich and its people,” explains Martin Lehner, CEO of Wacker Neuson SE.
Jan-Christoph Düdden, CEO of ISARIA Wohnbau AG adds, “We have earmarked this attractive site in a central location in Munich for another of our major city development projects. Wacker Neuson has already started with the development for us, so we can immediately get this interesting project off the ground. This will allow us to further expand ISARIA’s reach in Munich.”
About Wacker Neuson
The Wacker Neuson Group is an international family of companies and a leading manufacturer of light and compact equipment with over 50 affiliates and 140 sales and service stations. The Group offers its customers a broad portfolio of products, a wide range of services and an efficient spare parts service. The product brands Wacker Neuson, Kramer and Weidemann belong to the Wacker Neuson Group. Wacker Neuson is the partner of choice among professional users in construction, gardening, landscaping and agriculture, as well as among municipal bodies and companies in industries such as recycling, energy and rail transport. In 2017, the Group achieved revenue of EUR 1.53 billion, employing more than 5,500 people worldwide. www.wackerneusongroup.com
About ISARIA Wohnbau AG
ISARIA Wohnbau AG has been a leading residential property developer in Munich for twenty years. The Group realizes a broad spectrum of projects, ranging from multi-story apartment buildings through terraced houses to the redevelopment of former industrial buildings. As such, ISARIA Wohnbau and its team of over 70 employees offers residential properties tailored to the needs of multiple customer groups, from owner-occupiers to capital investors. For the majority of projects, the company covers all engineering disciplines required for planning permission across the full spectrum of development projects. Find out more at: www.isaria.ag
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Wacker Neuson SE
Katrin Yvonne Neuffer
Head of Corporate Communication /
80809 Munich, Germany