IMMOFINANZ has concluded a further major investment in Germany, acquiring the last available plot at Düsseldorf airport in the 'Airport City' project currently under development. Over the next two years, construction of the 'DUS Plaza', an office complex providing 17,000 m² of floor space, will be under way. Total investment in the project will come to 30 mln., with completion scheduled for January 2010. The project is a joint venture with renowned German developer Frankonia Eurobau, with both companies holding a 50% stake.
The DUS Plaza will be located at the center of the Airport City. Airport city is in itself an exceptional development project, which will provide around 250,000 m² of first-class floor space. The first properties will be completed by the middle of 2008, with the DUS Plaza expected to signal final completion of the entire project. A portion of the DUS Plaza has already been pre-let.
The Airport City's perfect location means that it is experiencing the highest demand for office real estate in the capital of North Rhine-Westphalia. The departure gates are only five minutes away from the DUS Plaza and the 'Sky-Train' takes ten minutes to the Königsallee ('Kö') in the very heart of the city center.
"The DUS Plaza seamlessly integrates into our wide array of high-class development projects currently under development in the Düsseldorf and Cologne area", says IMMOFINANZ CEO Karl Petrikovics. "The economic development of the region is excellent, and a significant number of major corporations in the local area are looking to modernise their headquarters and administrative centres demand for prime real estate is consequently very strong."
The DUS Plaza is the third project being realised by IMMOFINANZ in conjunction with Frankonia in Düsseldorf, following the Königskinder (29,000 m²) luxury housing project and multifunctional development urban project Andreasquartier (60,000 m²). In nearby Cologne, both partners operate the spectacular Gerling-Zentrale urban development project (155,000 m²). The Lenbachgärten multifunctional project (offices, hotel) in Munich, which was acquired in full by IMMOFINANZ, was completed only a few days ago; the total area of 54,000 m² is subject to long-term leases.
Source: IMMOFINANZ
