CA Immo starts construction of office property in Düsseldorf (DE)

Having sold extensive plots of land with approval for residential development, CA Immo is now constructing the first office building in the new quarter of BelsenPark district. The Belmundo building, which is 70 % pre-let even before building work begins, will be realized as a green structure. The total investment volume is just above €30 mln.

According to Dr. Bruno Ettenauer, Chief Executive Officer of CA Immo, "Over the past two years, we have been able to capitalize on a positive market cycle in the residential sphere in connection with this urban development project. During this period, we have managed to sell sites with residential use approval in BelsenPark spanning around 28,000 m² at a profit.

"We are now embarking on an in-house development which is centrally located, providing high quality standards at moderate rent levels., The strong pre-letting level of 70 % of confirms the high acceptance and quality of both the Belmundo office building and the site."

Belmundo will offer total floor space of some 10,000 m² across five full stories. The building will also incorporate a two-level underground car park. Before construction work starts, roughly 5,200 m² of office and storage space and 120 car parking spaces have already been let to De Lage Landen, a global supplier of leasing and financing solutions.

The new building will include retail space as well as offices; around 1,900 m² of the ground floor will be devoted to retail outlets. The trading company REWE signed a lease agreement for this space in 2011, bringing the pre-letting level for the Belmundo project to 70 % before building work commences. Belmundo has been designed as a green building, with certification from the German Sustainable Building Council (DGNB) likely to be obtained.

The BelsenPark quarter is located in the Düsseldorf district of Oberkassel on the grounds of the former goods depot. After being granted building rights in autumn 2010, CA Immo started marketing activities for nine construction sites in the eastern section of the areal spanning some 80 hectares in total.

This urban quarter development is opening up an area of Düsseldorf that has been inaccessible for decades. Alongside the park, which will be spanning some 20 hectares, high-quality residential units are being built. The development of offices, retail stores and restaurants will follow in the years ahead.

Source: CA Immo

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