Capital Bay acquires property in Düsseldorf for micro-living project development
Düsseldorf, 07. August 2023
Berlin, 7 August 2023 – The Capital Bay Group (Capital Bay), an internationally active investment, asset, property and facility manager integrated at all stages of the value chain, has acquired a plot of land in the Mörsenbroich district of Düsseldorf, Germany. After demolition of the existing buildings, up to 400 apartments for students and young professionals are to be built in modular, serial construction together with the strategic partner Daiwa House Modular Europe. The flats will be operated by 360 Operator GmbH with its operator brands Stay Urban and Staytoo.
"With the purchase in Düsseldorf, we were able to secure an attractive property with excellent transport connections," says Stephanie Kühn, Head of Transaction Management at Capital Bay. "Similar to many other major German cities, there is a glaring undersupply of housing for students and young professionals in the capital of North Rhine-Westphalia. With our project, we are creating an offer specifically for this target group. A development plan for the property already exists and we are currently in the planning stage for the building application. Once the building permit has been granted, we will be able to complete the apartments within twelve months thanks to the modular construction method."
Capital Bay will take over the asset and property management for the property until the existing buildings are demolished. The architectural firm United Architects, with whom Capital Bay has already worked on a project in Magdeburg's Klinkeviertel, was commissioned to create the utilization concept.
"From transaction, asset and property management to development, construction and operation upon completion, Capital Bay is instrumental in all phases of this conversion," says George Salden, CEO of Capital Bay. "This underlines our extensive expertise and demonstrates the realignment of our strategy to focus more on the development of new build residential projects for all life stages and styles, with a product that is cradle-to-cradle manufactured and meets tomorrow's sustainability targets (KfW40NH and DGNB Platinum) today."