Swiss Life Asset Managers has acquired a 73,200m² site in Dusseldorf-Flingern for a neighbourhood development project from METRO PROPERTIES, the real estate company of METRO AG. The parties involved have agreed not to disclose the purchase price. The site acquired by Swiss Life Asset Managers forms part of the METRO Campus at present. In the future, Swiss Life Asset Managers will design the site with its neighbourhood development under a new name. METRO will remain with its head offices on the adjacent site and will in turn develop it further as METRO Campus.
The site is currently occupied by a METRO cash and carry store and a Media Markt outlet. The development will comprise around 1,500 apartments and will not only create urgently needed residential space in Dusseldorf, but also a lively new area thanks to an innovative and forward-looking concept comprising a 25% allocation to business.
“In our opinion, this mix of uses is crucial to the future district’s success. In addition to apartments, there will be space for businesses, restaurants and stores, as well as space for senior citizen-oriented residential and care facilities. Public areas, a daycare centre and an elementary school also form an integral part of the planning. The concept suits this young and dynamic city, where especially the Flingern district has recently become increasingly important for young people,” commented Anett Barsch, member of the management team at Swiss Life Asset Managers in Germany, who is responsible for project development for the company.
The project also carries special significance for METRO, as Christian Baier, CFO METRO AG, explained: “The new quarter in Düsseldorf is a further example of the long-term, successful utilisation and development of our real estate portfolio. The site holds tremendous potential from a real estate and urban development perspective, and the further development of the area and the wide range of potential uses add significant value for the city of Düsseldorf, as well as for many internal and external stakeholders. For us, the focus of this project was always on keeping METRO’s headquarters on the campus, while finding a good alternative location for the cash and carry store in Dusseldorf – which we have now succeeded in doing. The METRO Campus is and remains the heart of our Group: we will further develop the areas and existing buildings of METRO’s head offices that remain in our ownership, and integrate them into Swiss Life Asset Managers’ urban district development.”
Jürgen Schwarze, Chief Financial Officer of METRO PROPERTIES, said: “We are pleased to have reached a further milestone in the process of the urban development of this site. With Swiss Life Asset Managers, we have an ideal and experienced partner at our side to realise ACME’s urban development concept. We laid the foundation stone in the context of a renewed and trusting partnership with the regional capital of Düsseldorf, and with the implementation of the urban planning competition. The neighbourhood development will leave a lasting mark on this Düsseldorf district and enormously enhance the attractiveness of the location.”
