Ludwigshafen: New co-investor for high rise project “Metropol”
Investor Günther Tetzner (Timon Bauregie) has found a new partner and hotel tenant for his €100mn high rise project on Berliner Platz in Ludwigshafen. In light of this new development, the city council restarted the zoning plan proceedings yesterday, which had been stopped after the project had been at a standstill for months. According to the proposed resolution, Munich-based Te Management is getting on board with a 50.1 % share in the project. Also, Ninety Nine Hotels GmbH, which is part of the Centro Group, and Backfactory have signed contracts leasing 36 % of the space and securing 40 % of rental income. Construction is scheduled to start in February 2020 and “be financed by an institutional buyer or a bank.” The “Metropol” is to be built according to plans by RKW in place of the former Karstadt department store known as “Tortenschachtel”. Completion of the structure with more than 41,000 sqm building had originally been scheduled for late this year.
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