Bremen: Justus Grosse takes over housing construction in Europaquartier
Gustav Zech Foundation is passing on a large portion of the Europaquartier project in Bremen’s Überseestadt shortly after taking it over: Justus Grosse Real Estate will be developing seven residential buildings with 210 privately financed apartments and another residential and retail building. Another roughly 120 subsidized apartments in two structures on Konsul-Smidt-Straße were sold to Gewoba a while ago. For all other investments, which according to TD research are the Schuppen 3 (offices and other businesses) and 110 residential units in the 15-story Lighthouse, are in the hands of EuropaQuartier Bremen Grundbesitz GmbH, whose shares are held by Gustav Zech Foundation. Construction is scheduled to start in 2020, completion is anticipated in late 2022. The total investment volume is estimated at roughly €200mn.
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