PATRIZIA acquires over 90 residential units in Düsseldorf

PATRIZIA Immobilien AG has acquired newly constructed buildings as well as soon to be revitalized properties totalling more than 90 residential units.

To be specific, the project includes two existing buildings in the city districts Bilk and Oberbilk which are being revitalized, and in whose courtyards new residential units are being built within the context of an expansion project. Construction, both with regard to the revitalization measures and the new residential construction, is scheduled for November of this year. The project is scheduled to be completed in the spring of 2018. “PATRIZIA had the opportunity to acquire for its clients two economically attractive properties in a stable macro-location and a micro-location with increasing demand,” explains Johannes Altmayr, Head of Residential Transactions at PATRIZIA. The properties were purchased directly from the property developer fitis GmbH in Erfurt on behalf of a real estate fund that PATRIZIA manages. The parties have agreed to keep the purchase price confidential.

Four multi-family buildings with 36 residential units are being revitalized in the Gogrevstrasse, located in the Bilk district, Düsseldorf’s most densely populated district. As part of the complete refurbishment, the roof structure will be replaced and finished with new roof-top apartments. The facade facing the inner court yard will include newly constructed generous balconies. A new building with 18 residential units, some of which are maisonettes, as well as an underground parking garage with 41 parking spaces, will be erected in the inner courtyard facing South.

The second property is located in the Kronenstrasse in the centrally located city district of Unterbilk, which has become a media location and a popular residential area for young families after the conversion of the harbour and the construction of the Reinufer tunnel. Currently, 29 residential units are being developed in a building built in the late 19th century that was previously a nursing home. The attic is being finished, and modern, generous balconies facing the inner courtyard are being added. Two new townhouse complexes, with a total of eight residential units and an underground parking garage with 36 parking spaces, is planned for the courtyard.

Residential housing in Düsseldorf has been in short supply for years due to the significant population increase. The population growth forecasts for the city districts Bilk and Unterbilk are even stronger than those for the city as a whole. While Düsseldorf can expect an increase of more than 5% until 2025, the projections for Bilk and Unterbilk anticipate an increase between 6% and 7%. Both city districts are considered an average to good location, locations which are becoming of increasing interest due to the prices for new construction in the preferred residential areas. Both locations have a good public transportation infrastructure and are easy to reach by car. Retail shops, schools, and nursery schools as well as healthcare facilities can be reached on foot, and the Königsallee, as well as the central railway station, are both about two kilometres away.