IMMOFINANZ AG and Frankonia Eurobau have launched another large-scale urban development project. In the Old Town of Düsseldorf the 'Gerichtshöfe' where the city's major court is located, have been acquired. The property will be converted into a first-class ensemble with new and old luxury residential buildings, high-quality offices, a luxury hotel and spacious restaurant, shop and recreational areas.
A total of €260 million is being invested in the project. The regional and district courts will use the court property through the end of 2009. Afterward the valuable historical foundations will be extensively upgraded and converted for new use. In the process the usable space will be considerably enlarged, reaching a total of 80,000 m² gross area including the underground garages. Construction will begin in 2010; completion is slated for 2013.
In the Gerichtshöfe project a concept for urban development will be realised, which is still relatively little widespread in Germany's big cities. Due to a uniform and joint accommodation and service concept, the people living and working here will be able to access an extensive array of services. The combination of first-rate location and unparalleled comfort will thereby create the highest degree of living quality.
The Gerichtshöfe project is already the third multifunctional urban development project which IMMOFINANZ and Frankonia are carrying out together. Developed by Frankonia and to a large extent acquired by IMMOFINANZ, the Lenbachgärten project will be completed this year in a top location in Munich. In January both partners acquired the headquarters of the Gerling insurance company in Cologne's city center. With investments of €380 million, flats, offices, commercial and recreational space will be built here. IMMOFINANZ and Frankonia are also realising the 'Königskinder' luxury residential building project at the 'Media Harbour' in Düsseldorf.
"Since the considerable increase in real estate prices, particularly good prospects for returns have been available in Germany for developers, especially for large multifunctional projects in which we develop a 'city within the city'," says IMMOFINANZ CEO Karl Petrikovics. Thus, in Germany IMMOFINANZ is concentrating on development projects and investments in the area of logistics, in which attractive returns are still yielded and considerable potential for appreciation exists.