German investor and developer Immobilien Zentrum has acquired a plot of land in Regensburg as part of plans to develop a new city neighbourhood.
The 20,000 m2 stretch of former forest land, between Lilienthalstrasse, Wernerwerkstrasse and Hermann-Köhl-Strasse, was acquired from Bayernwerk, a local subsidiary of energy giant Eon.
Immobilien Zentrum, which is based in Regensburg, said that a mixed-used urban development would rise on the plot, with a focus on sustainabilty in terms of both energy and mobility. It will spend some €200 mln on the project.
'We are very happy to have acquired the last major development area west of the city after lengthy and always partnership-based negotiations with the Bayernwerk group,' said Reinhard Griebl, chairman of the board of the Immobilien Zentrum group.
According to the developer, the purchase was financed by a consortium of Raiffeisen banks Regensburg-Schwandorf, Regensburg-Wenzenbach and Kreis Kelheim.
'Our thanks go to our ever-reliable financing partners, who once again enabled us to carry out the transaction in a decisive, rapid and trustworthy fashion,' Griebl added.
