Düsseldorf-based Gerch Development has acquired a residential development site in Hamburg for a total investment of around €140 mln.
New Korallusviertel in the central district of Wilhelmsburg has space for around 41,000 m2 of housing and other uses on a 24,500 m2 site. The development plan is expected to comprise a mix of subsidised housing and privately financed rental apartments, as well as additional uses such as a daycare centre.
Wilhelmsburg is one of Hamburg's largest neighbourhoods, situated between two branches of the River Elbe with a population of more than 53,000 and close to the city's central railway station.
Mathias Düsterdick, CEO of Gerch Group, said: 'Demand for housing in cities such as Hamburg is as strong as ever and we are very happy our relatively young company can develop its first project here in the beautiful city of Hamburg.'
Gerch Group was advised in the transaction by Düsseldorf-based law firm Rotthege Aquarius and Commercial and Investment GmbH.
Gerch Group was founded in October 2015 by Mathias Düsterdick and CFO Christoph Hüttemann after they sold their shares in PDI Group. The company has eight projects in the pipeline with a total development volume of around €1.4 bn and expects the total portfolio to grow to €2 bn by the end of the year through future acquisitions.
