A total of 50 owner-occupied apartments are to be created on the site, which measures 3,040 square metres (32,722 square feet) and is situated prominently in the immediate vicinity of the Danube. S&P is investing around 20 million euros in developing the project. CA Immo is selling the plot for above its book value.

The MI 2 Nordwest plot lies in the centre of the new Marina Quartier urban quarter, developed by CA Immo and currently being created on the former Alter Schlachthof (Old Slaughterhouse) site. The plot measuring 6.9 hectares (17 acres) has room for a total of over 71,000 square metres (764,000 square feet) of floor space, with 70 per cent of this being residential and 30 per cent high-quality commercial space. The quarter lies right by the Danube and offers a particularly high quality of life, with short distances to all important infrastructure as well as the historic old town. The high design standards for all buildings are characteristic of the quarter and are ensured via its very own advisory council. Accordingly, S&P will run an architectural competition for the realisation of the building on the MI 2 Nordwest plot.

“Through the development of the owner-occupied apartments we are taking account of the huge demand for the construction of high-quality apartments in this rapidly growing region and can contribute our many years of expertise to the development of the quarter,” adds Klaus-Jürgen Sontowski, Managing Partner of the Sontowski & Partner Group.