PATRIZIA sells Glasmacherviertel development in Düsseldorf
New city quarter in Gerresheim
- Property covers 200,000 square metres
- 1,500 new apartments planned
Augsburg/Dusseldorf, 12 December 2017. PATRIZIA Immobilien AG has sold the ‘Glasmacherviertel’ development in Dusseldorf. The 200,000 square metre property, on the site of the former glassworks in Gerresheim, was acquired for a fund held by institutional investors. Around 1,500 apartments are to be built on the site in the future. The buyer of the property is Brack Capital Properties NV; the parties have agreed not to disclose the purchase price.
PATRIZIA was advised on the transaction by BNP Paribas Real Estate. Advising PATRIZIA on legal matters was the commercial law firm Sonntag & Partner.
PATRIZIA Immobilien AG:
PATRIZIA Immobilien AG has been active as an investment manager in the real estate market across 15 European countries for more than 30 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global provider of real estate investments in Europe, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. Currently, the Company manages real estate assets worth around EUR 21 billion, primarily as a portfolio manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
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