Düsseldorf, Germany-based developer The Gerch Group has acquired the 883,000-square-foot Quelle Areal of Sonae Sierra in Nuremberg through several sister companies.
The purchase price for the transaction, which was executed as an asset deal, was not disclosed.
The firm plans to invest €700 million ($819 million) for its 1.83 million-square-foot development project.
The inner-city existing building is the former distribution center of Quelle GmbH Germany. Since the insolvency of Quelle in 2009, the building is mostly empty and will now be redeveloped for a new, modern use.
The Quelle Areal will be a completely new type of mixed-use property that combines all the needs of urban living under one roof in a historic building.
The heating house south of the Wandererstraße is also part of the purchase and is used by various artists of the association Quellkollektiv. The leases will be extended in the long term.
“We were already talking with Sonae Sierra a few years ago about a possible development of the property,” said Mathias Düsterdick, CEO of the Gerch Group. “At the time, the overall concept did not work out. All the more, I am pleased that we can now still develop the attractive location in Nuremberg. The combination of monument protection and integration of modern uses promises an exciting development. There will be intensive coordination with the city of Nuremberg and the relevant authorities.”
