Düsseldorf: Cube invests €60mn in hotels and micro apartments
Cube Real Estate is planning student apartments and two hotels with a total of roughly 19,300 sqm GFA in Düsseldorf-Flingern. The company has acquired a lot on Erkrather Straße 179-189 from Gold Tree Group, represented by Montano Asset Management, and lot number 191 from car repair shop Drösser. Plans by architecture firm HPP of Düsseldorf call for 300 hotel rooms along Erkrather Straße and 150 student apartments in a building section on Kiefernstraße. A restaurant concept is being reviewed for the ground floor. The investment volume is about €60mn. Construction is expected to start in the fall of 2019, completion is anticipated in 2021. Pegasus Capital Partners of Erlangen is supporting Cube with the financing.
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