Austrian listed group Immofinanz has announced the acquisition of the Production Technology Cluster development project in Aachen, Germany, from local firm Capricorn for an undisclosed amount.

Austrian listed group Immofinanz has announced the acquisition of the Production Technology Cluster development project in Aachen, Germany, from local firm Capricorn for an undisclosed amount.

Immofinanz said it plans to complete the 28,000 m2 project by autumn 2016, with the required investment estimated at a total of around €63 mln.

The project is part of the larger RWTH Campus development which encompasses 800,000 m2 and is set to make the area one of the largest technology-oriented research landscapes in Europe.

'The Campus project has a high share of pre-rentals and long-term leases. Contracts have already been signed for more than 50% of the rental areas and, with the previously registered space requirements, we have already reached an occupancy level of roughly 80%,' said Eduard Zehetner, CEO of Immofinanz Group. 'This represents the next step in the announced expansion of the group’s development business in Germany.'

The acquisition is being carried out through the takeover of the project company, Capricorn Campus & Co.