Corestate has acquired the main part of ‘The Q’ city quarter development in Nuremberg, Germany, on behalf of client Bayerische Versorgungskammer (BVK) in a forward deal worth €300 mln.
The property will be developed into one of the most modern urban districts in Germany by the Düsseldorf-based seller, Gerchgroup.
For many years the complex has been the showcase location of the Quelle mail order company. It comprises more than 51,000 m2 of rental space, of which the City of Nuremberg will rent 42,000 m2 for 25 years. The remaining space will be leased to retailers in the food and local supply sectors on a long-term basis.
Completion of the project is scheduled for 2024, with around 2,000 residential, additional retail and gastronomy units and a daycare centre for children planned in three further construction phases.
‘This urban district development is currently one of the largest in Germany and is a good example of new types of use of city building sites in top locations in combination with the increasing demand for innovative mixed-use concepts for housing, infrastructure and commerce on the customer side,’ said Lars Schnidrig, CEO of Corestate Capital Group.
‘Due to the megatrend urbanization and the associated densification in the metropolitan areas, the asset class of urban districts will continue to gain in importance and we will actively participate in shaping the modern living and working space in German cities with further exciting projects from our pipeline.’
‘A sale of this magnitude in these turbulent times is proof that quality always prevails in the end and we are very pleased that we have succeeded in selling the first construction phase of this quarter development despite the circumstances,’ commented Marc K. Thiel, CEO of the Gerchgroup.
The other building plots of the overall project with nearly 200,000 m2 of gross floor area that are mainly being developed for residential use, are also to be sold upon completion.
