IMMOFINANZ acquires €63 mln development project in Aachen, Germany (DE)

IMMOFINANZ Group has acquired the "Production Technology Cluster" development project on the RWTH Aachen Campus from the German capricorn Group and plans to complete construction by autumn 2016. With 28,000 m² of rentable space, the Campus currently represents the largest cluster building in the Campus Melaten expansion sector of RWTH Aachen University (Rheinisch-Westfälische-Technische Hochschule).
This acquisition involves the takeover of the project company, capricorn CAMPUS GmbH & Co. KG, as well as all relevant planning contracts by IMMOFINANZ. The parties have agreed not to disclose any information on the purchase price for the transaction. The total investment volume is estimated at approx. €63 mln. Construction will start in spring 2015, and completion is scheduled for autumn 2016.
"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%", indicated Eduard Zehetner, CEO of IMMOFINANZ Group. "This represents the next step in the announced expansion of IMMOFINANZ Group's development business in Germany."
Günther Schuh, Managing Director of RWTH Aachen Campus GmbH added: "We are pleased to have found a strong and highly competent partner in IMMOFINANZ. These experts immediately recognised the strategic dimension of our Campus project."
With the RWTH Campus, RWTH Aachen is continuing its transformation into one of the world's leading technical universities. One of the largest technology-oriented research landscapes in Europe is currently under development at the RWTH Aachen in 19 research clusters on 800,000 m².
The first development section in the Production Technology Cluster is a three-section building complex, which includes offices and hall facilities. The building complex, which was designed by the Munich star architect Henn, is characterised by flexibility, a modular layout and sustainability and will provide nearly 800 scientists and production technology experts with space for their research.

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