Swiss Life Asset Managers has acquired a 73,200 m2 site in Düsseldorf-Flingern from Metro Properties, the real estate company of Metro.
The site acquired forms part of the Metro Campus at present, but is destined for a new neighbourhood development project. Metro will maintain its head offices on the adjacent site, which will be transformed into the new Metro campus.
Swiss Life plans to build around 1,500 apartments on the plot, with target completion of around 2027. However, the new quarter will not only create urgently needed residential space in Düsseldorf, but also a lively new area thanks to an innovative concept comprising a 25% allocation to business.
'In our opinion, this mix of uses is crucial to the future district’s success. In addition to apartments, there will be space for businesses, restaurants and stores, as well as space for senior citizen-oriented residential and care facilities,' said Anett Barsch, member of the management team at Swiss Life Asset Managers in Germany, who is responsible for project development for the company.
She added: 'Public areas, a daycare centre and an elementary school also form an integral part of the planning. The concept suits this young and dynamic city, where especially the Flingern district has recently become increasingly important for young people.'
Source: propertyeu.info on the 5th of July