Acquisition of the "Courts" in Düsseldorf for premium quarter development
Press release (web version)
FRANKONIA and IMMOFINANZ start city development plan in Düsseldorf
- 260M euro investment to develop the "Courts"
- Apartments, offices, retail and hotel space in optimal old-town city location
- With the removal of the court ca. 80.000 m² gross floor area.
Frankonia has started another ambitious city development plan. In join collaboration with the renowned Austria real-estate investment company Immofinanz AG the "Courts" in old-town Düsseldorf were acquired, that will be redesigned to become a high-grade ensemble of luxurious new-developed and old refurbished condos, representative office spaces, a luxurious hotel as well as generously sized restaurant, retail, and recreational areas.
A total of 260 million euro will be invested in the project. Until the end of 2009 the Council Court will continue to use the "Courts". After this period the valuable historic building will be comprehensively modernized and redesigned for its new purpose. In the process the usable space will be increased; including the parking garage a total floor space of ca. 80,000 m² will be reached. Building starts in 2010 and should be completed by 2013.
In the former courts and with the future Andreas quarter, a city district concept will be implemented that is relatively new to German cities. Thanks to a unified and common quarter and service concept people living and working in the area can avail of a range of comprehensive services. The combination of a first-class location and unique comfort therefore creates the highest possible level of living quality.
The future Andreas quarter already is the first multifunctional city development project in Frankonia and Immofinanz collaborate. The Frankonia-developed project Lenbach Gardens in a Munich top location will be completed this year. Here Immofinanz has acquired a large part of the quarter with the real estate objects commercially used as offices and hotel. In the year change to 2007 both partners acquired the company headquarters of the insurance company Gerling in down-town Cologne. With investments of ca. 380 million euro, condos, commercial, and recreational areas will e created. On top of that Frankonia and Immofinanz realize the luxurious residential project "Königskinder" in the Media harbor in Düsseldorf.
In Germany FRANKONIA Eurobau AG - with an accumulated project development volume of 1.5 billion euro - belongs to the most influential and successful providers in the domain of realty-project development. The spectrum ranges form classical residential, office, and commercial construction to city-image development of complete quarters in the absolute premium segment.
March 2007
Contact: Uwe Schmitz
Chairman of the board FRANKONIA Eurobau AG, Hübeck 5 - 41334 Nettetal, Phone: +49 - (0) 21 58 91 53 - 33 -
Fax: +49 (0) 21 58 8477, Email: u.schmitz@frankonia-eurobau.de;www.frankonia-eurobau.de