Swiss Life Asset Managers has bought a 73,200 square meter site for a district development in Düsseldorf-Flingern from Metro Properties, the real estate company of Metro AG.
The parties involved have agreed not to disclose the purchase price.
The area acquired by Swiss Life Asset Managers is currently part of the Metro campus. Swiss Life Asset Managers will in future design the area with their district development under a new name.
Swiss Life Asset Managers will develop a diversified urban quarter on the site, combining living and working space with gastronomy, retail and local recreation facilities.
In compliance with the highest ESG standards, 1,500 units are also to be built for the population.
Metro will remain with its head offices on the adjacent site and will continue to develop this as the Metro Campus.
Around 1,500 apartments are to be built in a prime urban location from 2027 on the site acquired from Swiss Life Asset Managers, which currently houses a Metro wholesale store and a Media Markt store.
”However, the new quarter will not only create urgently needed living space in Düsseldorf, but also a lively new area thanks to an innovative and sustainable concept with 25% commercial space,”the company said.
“In our opinion, this mix of uses is crucial for the success of the future district. In addition to the apartments, there will be space for businesses, restaurants and shops as well as space for senior-friendly living and care. Public areas, a day care center and a primary school are also an integral part of the planning. The concept suits the young and dynamic city, in which the district of Flingern in particular has recently become increasingly important for young people,” says Anett Barsch, member of the Executive Board at Swiss Life Asset Managers in Germany, who is responsible for project development for the company.
The project is also of particular importance for Metro, as Christian Baier, CFO Metro AG, explains: “The new district in Düsseldorf is another example of the long-term, successful use and development of our real estate portfolio. The location has enormous potential from a real estate and urban planning point of view, the further development of the area and the diverse possible uses create a high added value for the city of Düsseldorf and many internal and external stakeholders. For us, the main focus of this project was always that the Metro headquarters remain on campus and that we find a good alternative location for the wholesale market in Düsseldorf. That succeeded. The Metro Campus is and will remain the heart of our group:
Jürgen Schwarze, Chief Financial Officer of Metro Properties, adds: “We are pleased to have reached another milestone in the process of urban development of the area. With Swiss Life Asset Managers we have an ideal and experienced partner at our side for the realization of ACME’s urban planning concept. We laid the foundation stone in renewed, trusting cooperation with the state capital Düsseldorf and with the implementation of the urban planning competition process. The district development will have a lasting impact on the Düsseldorf district and make the location enormously more attractive.”
For the project, both DGNB and WiredScore certifications at least according to the gold standard are being sought: “The future quarter should not only be lively, but also achieve the highest ESG standards. The planning will therefore pay special attention to the topics of sustainability and digitization right from the start. After all, we don’t just want to design this area in Düsseldorf in the short term, but for the long term,” says Stefan Mächler, Group Chief Investment Officer (Group CIO) and member of the Executive Board of the Swiss Life Group.
In the coming years up to 2026/27, Swiss Life Asset Managers will create the planning rights for the new district in close cooperation with the state capital Düsseldorf. The Metro wholesale store will remain on the site until the planned start of construction in about five years, before moving to the wholesale area on Ulmenstraße. The Media Markt store will also remain in its present location until construction begins.