A consortium of Irish investors led by developers Ulick and Des McEvaddy have purchased a majority stake in a site near the new Berlin airport, the Irish Times newspaper reported on Friday. The McEvaddy brothers said they planned to build retail units, offices, a hotel and residential buildings at the 86-acre site.
A consortium of Irish investors led by developers Ulick and Des McEvaddy have purchased a majority stake in a site near the new Berlin airport, the Irish Times newspaper reported on Friday. The McEvaddy brothers said they planned to build retail units, offices, a hotel and residential buildings at the 86-acre site.
The project will be jointly developed between the consortium, which includes private clients of Farrell Grant Sparks, and German commercial property developer Investa Real Estate Group. The newspaper reported that the development is estimated to have a value of EUR 800mln on completion. Construction should begin next year while the project is expected to take nine years to complete.
The purchase of the site comes as construction of the New Berlin Brandenburg International airport is underway. The new airport is scheduled for completion in 2011 at a cost of EUR 2.7bn and is expected to result in a significant rise in annual passenger movements from the current level of 6.5 million.
