Metro: sells real estate project near Düsseldorf
(CercleFinance.com) - Metro Properties, the real estate division of German retailer Metro, said it has divested a longstanding development project near Düsseldorf to Cologne-based project developer Pandion.
The office space, of roughly 40,000 square metres, of the site of the former Horten head office in the Western part of the city, is to be torn down to create living space due to high demand for housing, Metro said.
Metro had been developing its own project, which was part of its real estate portfolio since 1994, "for some time already," it said.
It will be sold for about 56 million euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The office space, of roughly 40,000 square metres, of the site of the former Horten head office in the Western part of the city, is to be torn down to create living space due to high demand for housing, Metro said.
Metro had been developing its own project, which was part of its real estate portfolio since 1994, "for some time already," it said.
It will be sold for about 56 million euros.
Copyright (c) 2018 CercleFinance.com. All rights reserved.