Catella Corporate Finance, the German asset management arm of Swedish Group Catella, has acquired a 38,000 m2 site near Düsseldorf central station for the development of a €400 mln mixed-use project.
Catella Corporate Finance, the German asset management arm of Swedish Group Catella, has acquired a 38,000 m2 site near Düsseldorf central station for the development of a €400 mln mixed-use project.
The Living Central 1-11 companies, which are managed by Catella, are acquiring the area which will house a new urban district with up to 1,000 apartments, hotels, day-care centre and retail space.
Catella said the project, which will encompass a total of 114,000 m2, will be implemented in 'one piece', with delivery planned for 2017-2015.
'The middle class is for us the most important target group to generate long-term and sustainable rental income,' commented Klaus Franken, CEO of Catella Corporate Finance. 'Demand in this segment is huge, so the investment is protected no matter what happens with market trends in the future.'
The vendor was represented by Noerr. Catella Property brokered the deal.
