Swiss Life Asset Managers has acquired a 73,200 square-metre site in Düsseldorf-Flingern for a district development project from Metro Properties, the real estate company of retailer Metro AG.
The transaction was realised on 30 June 2022 and both parties have agreed not to disclose the purchase price.
New Look Metro Campus
The site acquired by Swiss Life Asset Managers is currently part of the Metro Campus. It will be redesigned and given a new name by Swiss Life Asset Managers.
The retailer will retain its head offices on the adjacent site and will continue to develop it.
The acquired site, which is currently home to a Metro Cash & Carry store and a Media Markt outlet, will see the construction of around 1,500 apartments from 2027 onwards.
Swiss Life Asset Managers has allocated 25% of the new development to business establishments.
Anett Barsch, member of the management team at Swiss Life Asset Managers in Germany, said, “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 day-care 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.”
The sustainability of the new neighbourhood forms an important component of the project and Swiss Life Asset Managers is aiming to get Gold Standard from DGNB and WiredScore certifications.
In the coming years, up until 2026/27, Swiss Life Asset Managers will establish the development rights for the new quarter in close coordination with the regional capital of Düsseldorf.
The Metro Cash & Carry store will remain on the site until construction commences, in approximately five years. It will then move the wholesale outlet to Ulmenstrasse.
Media Markt will also remain in its current space until construction begins, the retailer said.