Düsseldorf, 07 August 2023
Berlin, August 7, 2023 - 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. Following the demolition of the existing buildings, up to 400 apartments for students and young professionals are to be built in modular, serial construction together with strategic partner Daiwa House Modular Europe. The apartments will be operated by Staytoo Living Holding GmbH with its Stayurban and Staytoo brands.
"With the purchase in Düsseldorf, we were able to secure an attractive property with excellent connections," says Stephanie Kühn, Head of Transaction Management at Capital Bay. "Similar to many other major German cities, the capital of North Rhine-Westphalia also has a glaring undersupply of living space for students and young professionals. With our project, we are creating an offer specifically for this target group. A development plan for the property has already been drawn up and we are currently in the planning stage for the building application. Once planning permission has been granted, we will be able to complete the flats within twelve months thanks to the modular construction method."
Capital Bay will be responsible for the asset and property management of the property until the existing buildings are demolished. The architectural firm United Architects, with whom Capital Bay is already working on a project in Magdeburg's Klinke neighbourhood, has been commissioned to draw up the subsequent use concept.
"From transaction, asset and property management through to development, construction and post-completion operation, Capital Bay is heavily involved 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, which is to focus more on the development of new-build residential projects for all life stages and styles, with a product that is manufactured cradle-to-cradle and already meets the sustainability targets (KfW40NH and DGNB Platinum) of tomorrow."
