Austrian property group Immofinanz is expanding its presence in Germany with the takeover of the operating business and development projects of housing developer Chamartin Meermann Immobilien and the launch of a new office development project at D眉sseldorf Airport.
Austrian property group Immofinanz is expanding its presence in Germany with the takeover of the operating business and development projects of housing developer Chamartin Meermann Immobilien and the launch of a new office development project at D眉sseldorf Airport.
Immofinanz, which entered the German market in 2002, said it plans to invest a total of EUR 26.5 mln in the development of the Panta Rhei office building, the company's first development project in the country.
'We acquired full ownership of the project from the Frankonia Group only one month ago and now plan to start construction at the beginning of June,' said Eduard Zehetner, Chief Executive Officer of Immofinanz Group. The 10,000-m2 scheme is expected to be delivered by the end of 2013. Panta Rhei, which will include 176 parking spaces, is aiming for LEED environmentally-sustainable certificate.
