Albertussee – visonary urban development
The ‘Am Albertussee’ property has undergone an impressive transformation and is a shining example of our competencies: from the site’s revitalisation through the creation of smart office spaces and the arrival of METRO PROPERTIES (2013) to the ‘Living at Albertussee’ concept (2015) and the sale to the new owner, PANDION AG (2018). The entire project is very much in the spirit of DRIVING REAL ESTATE VALUE.
This office property in Heerdt, a Düsseldorf district on the left bank of the Rhine, has been part of the METRO PROPERTIES portfolio since the 1990s. For a long time it proved difficult to find long-term tenants – until MEC moved in in 2011, sending a positive signal and providing new impetus. Looking back, this was the starting point of today’s success story.
‘Am Albertussee’ sees gradual appreciation in value
In 2013, following the creation of new smart office spaces and modern infrastructure, 350 METRO PROPERTIES employees moved in, giving the site a new relevance.
More work was done over the following years to increase the attractiveness of the ‘Am Albertussee’ campus. By 2018, 100% of the rental space was occupied – evidence of the successful switch from a classic, conservative office building to a vibrant digital campus.
As an investor, we couldn’t have asked for better preconditions. “Living at Albertussee” proved to be an exemplary concept. The property was turned over at full occupancy and the sale was optimally prepared, from the generation of the idea to the competition and right through to the final transaction.
Bold plans: changing the asset class from ‘office’ to ‘residential’
At the same time, visions were being developed for the future of the site. Residential property became a dominant focus as early as 2016 – especially in the context of the local urban development situation. Investors had been focusing increasingly on the Heerdt district since the 2010s and property values were rising.
Once the conditions imposed by the city and environment agency had been fulfilled and the district’s council had approved the project, the concrete planning phase could start. One of the city’s requirements was that there should be an architectural competition. The winning design, chosen at the end of 2017, was by Hamburg-based blauraum Architekten.
The ‘Am Albertussee’ property was sold by the Transactions division in July 2018, closing the circle of a very successful project that repositioned the property and turned it into a promising development.
Dates and facts
- future-driven Asset Management
- sustainable Project Development
- successful Transaction