Bogner has agreed to sell the property of its corporate head office in Munich for €55 million to a real estate company, UBM Development, after a bidding process. The City of Munich has a right of first refusal for the next two months on the building, located at Sankt-Veit-Strasse 4. The company will continue to occupy the 12,000-square-meter office for at least two more years as a tenant, while looking for an alternative location in the Munich area. Bogner says the sale of the property is an important component of a “performance program” launched by its new management in July. It is also part of a financing agreement that the company has signed with various banks to secure its financial stability for the next years. UBM, which is listed on the Vienna Stock Exchange, plans to use the space for apartments after it is vacated.