DGAP-Media / 23.03.2016 / 10:08 Press release Construction starts on ISARIA Wohnbau high rise in Obersendling 23 March 2016 - The starting signal has been given for construction work on the high-rise office building at Baierbrunnerstrasse 54 (former Siemens high rise) to commence. The planned project development was given the "political go-ahead" by the city of Munich's opening decision back on 16 December 2015, based on the winning design for the two-stage planning process by Meili, Peter Architects Munich. On 4 January 2016, the previous owner transferred the building to ISARIA Wohnbau AG. Today, ISARIA is starting work on stripping back the building's interior. The dismantling work, which will reveal the supporting structure, will be carried out within a year. The high rise, which is over 76 metres in height, is a prominent part of the cityscape and was built in the early 1960s based on plans by architect Hans Maurer. The building is located in the south of Munich and is therefore closer to the Alps than any other high rise in Germany. Approximately 270 residential units are planned over 22 floors of the imposing building, which has stood vacant for over 10 years. Commercial spaces and a children's day care centre will complement the contemporary and innovative residential concept. The planned mixed use will also include subsidised apartments in accordance with the Munich Model. A consortium led by Stadtsparkasse München has now taken over the financing for project developer ISARIA Wohnbau AG. The sales launch is planned for the first half of 2017. About ISARIA Wohnbau AG ISARIA Wohnbau is a leading project developer for residential real estate construction projects in Munich. Since 2014, the company also develops residential projects in Hamburg. The company, which was founded in 1994, is listed on the prime standard of the Deutsche Börse. The projects realised by the company range from multi-storey apartments to terraced houses as well as the revitalisation of existing buildings. ISARIA Wohnbau is therefore capable of offering residential properties that meet the demands of a wide variety of customer groups as both owner-occupied or for investment. The business activities of One Group, Hamburg, which belongs to the Group, largely comprise the issuing of project development funds for residential construction projects. For more information, please visit www.isaria.ag and www.onegroup.ag IR Contact ISARIA Wohnbau AG Leopoldstraße 8 | 80802 Munich Phone: +49 (0)89 38 99 84-0 | Fax: +49 (0)89 38 99 84-760 E-mail: [email protected] | Web: www.ISARIA.ag End of Media Release --------------------------------------------------------------------------- Issuer: ISARIA Wohnbau AG Key word(s): Real estate 23.03.2016 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: ISARIA Wohnbau AG Leopoldstraße 8 80802 München Germany Phone: +49 (0)89 38 99 84-0 Fax: +49 (0)89 38 99 84-760 E-mail: [email protected] Internet: www.isaria.ag ISIN: DE000A1E8H38 WKN: A1E8H3 Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart End of News DGAP Media --------------------------------------------------------------------------- 448151 23.03.2016