Swiss Life Asset Managers has acquired a 73,200 m2 site in Düsseldorf-Flingern from Metro Properties, the real estate company of Metro.
Financial details were not disclosed.
The site acquired forms part of the Metro Campus at present, but is destined for a new neighbourhood development project. Metro will maintain its head offices on the adjacent site, which will be transformed into the new Metro campus.
Swiss Life plans to build around 1,500 apartments on the plot, with target completion of around 2027. However, the new quarter will not only create urgently needed residential space in Düsseldorf, but also a lively new area thanks to an innovative concept comprising a 25% allocation to business.
'In our opinion, this mix of uses is crucial to the future district’s success. In addition to apartments, there will be space for businesses, restaurants and stores, as well as space for senior citizen-oriented residential and care facilities,' said Anett Barsch, member of the management team at Swiss Life Asset Managers in Germany, who is responsible for project development for the company.
She added: 'Public areas, a daycare centre and an elementary school also form an integral part of the planning. The concept suits this young and dynamic city, where especially the Flingern district has recently become increasingly important for young people.'
The project also carries special significance for Metro, according to Christian Baier, CFO Metro: 'The new quarter in Düsseldorf is a further example of the long-term, successful utilisation and development of our real estate portfolio.
'The site holds tremendous potential from a real estate and urban development perspective, and the further development of the area and the wide range of potential uses add significant value for the city of Düsseldorf, as well as for many internal and external stakeholders.'
The site will be distinguished by sustainability criteria, wtih both DGNB and WiredScore certifications to at least Gold Standard being sought for the project.
'The future neighbourhood should not only be revitalised, but also achieve the highest ESG standards. For this reason, planning will pay particular attention to sustainability and digitalisation right from the outset. After all, we aim to shape and design this area in Düsseldorf not just in the short term, but also over the long-term,' said Stefan Mächler, group CIO and member of the Swiss Life group’s executive board.
In the coming years up until 2026/27, Swiss Life Asset Managers will establish the development rights for the new quarter in close coordination with the regional capital of Düsseldorf. The Metro cash and carry store will remain on the site until construction is scheduled to start in approximately five years, before moving to the wholesale site on Ulmenstrasse. Media Markt will also remain in its current space until construction begins.
