YOUNIQ AG is continuing to pursue its expansion strategy in its core student housing business segment with the acquisition of its first project in the most populous federal state of North Rhine-Westphalia. A total of 292 student apartments are to be built in Düsseldorf's Witzelstraße from the start of 2013. The investment volume stands at around 26 million.
Provided the construction work begins and progresses to schedule, the company anticipates that the project will be completed in time for the start of the 2014 summer semester. The new project takes the number of YOUNIQ AG apartments under management or construction to a total of 3,770 units.
The federal state capital Düsseldorf, the second-largest city in North Rhine-Westphalia in terms of population, enjoys an excellent reputation as a university location with a high standard of living and quality of life. The University of Düsseldorf performed outstandingly well in the highly regarded CHE university rankings last conducted in November 2011, including in the disciplines of business administration and law.
The university obtained top marks for admission requirements in particular. Around 17,000 students are currently studying on the campus of the local university. The city center and campus are around a kilometer away from the site as the crow flies and the university hospital can be reached within a few minutes by foot. Local amenities and public transport are available in the direct vicinity.
Rainer Nonnengässer, Chief Executive Officer of YOUNIQ AG, was delighted: "We have been monitoring the highly attractive market in North Rhine-Westphalia for some time and are therefore extremely pleased to embark upon our first project in Düsseldorf. Düsseldorf already has a good reputation as a university location. It is ambitious and will achieve growth over the medium to long term. The location therefore fits in perfectly with our business strategy."
Source: Cometis AG