Catella secures €400 mln mixed-use project (DE)

The companies Living Central 1-11, which are managed by Catella Corporate Finance GmbH, have signed contract of purchase to acquire a property area of approx. 38,000 m² near-by the Dusseldorf main station. The previous project ‘Quartier M’ becomes part of Catella’s product line ‘Living Vision’.
With the project ‘Living Central’, a new urban district with up to 1,000 apartments, hotels, a day-care center and retail property will be built.
A new overall configuration of a modern residential district is going to enrich the cityscape of Dusseldorf. The development is to use the excess demand of affordable residential spaces in the city of Dusseldorf in order to secure a sustainable rental income. On approx. 114,000 m² gross floor space almost 1,000 new apartments and grocery shops will be constructed.
As with the pilot project ‘Living Circle’ which contains the spectacular transformation of the long-term vacant Thyssen-Trade-Centre to residential units, Catella continues concentrating on the multi-story-housing in the middle rental price segment. According to the living-action-plan 20% of the apartments are subsidized and offered at a rental level between €6.25 – 7.15/ m². In addition, further 20% are provided with a price ceiling. A mixture of condominiums and rented apartments should be developed to a broad range of users. Therefore, the apartment community is going to be made up of different generations and income groups like young-professionals, singles, couples and families.
The proposed project represents a total investment volume of almost €400 mln. The project will not be implemented in section of constructions throughout many years but rather in one piece. If the planning permission and conditions are on time, the completion will be expected up to 2017/18.
Source: Catella