Stockholm-listed investment manager Catella, in cooperation with German property firm Interboden, has been chosen for the development of a €400 mln urban district in Germany.
Following a Europe-wide tender, Catella Project Management will contribute to the development of the new urban quarter, named City Ost, in the inner city of Mönchengladbach.
'Catella develops investment products that sustainably match the needs of users and investors. Locations nearby the central station and urban quarter are highly suitable for this kind of investment,' commented Klaus Franken, head of Catella's Project Management division in Germany.
The 150,000 m2 scheme, predominently residential in character, will comprise around 1,000 apartments. Leisure and retail components will also be included within a car-free zone.
Catella is already developing a similar project in Düsseldorf, dubbed Grand Central, representing an investment volume of around €500 mln, as well as several new apartments in Frankfurt within the Living Lyon project.
