The senior financing remains unaffected by the refinancing in subordination. Together with the institutional investors involved, Collineo is providing mezzanine capital for the project phase until the resolution of the current development plan procedure for the "INquartier".
"We are pleased that we were able to further optimise the capital structure for the INquartier project with the mezzanine financing from Collineo and to deepen the successful existing business relationship with Collineo. This refinancing has enabled us to put the development of the quarter, which is so important in terms of urban planning, on a strong financial footing for the coming years," says Dominique Gutsmann, Gerchgroup AG's Chief Financial Officer.
Gerchgroup acquired the properties for the future "INquartier" at the end of 2018 and is aiming to develop a quarter with a variety of uses. An urban planning competition has already been held with the city of Ingolstadt for the site in the north-east of Ingolstadt, which was previously used as an industrial and commercial location. Based on this competition, a development plan procedure is currently underway; the decision to initiate the procedure was made in March 2021.
The focus for future use will be on housing. In addition, office and retail space, social infrastructure, such as a community service area and a day care centre, will complement the concept. With a modern mobility and energy concept, the neighbourhood development also addresses future sustainability issues.
Gerchgroup is a nationwide project developer based in Düsseldorf. The company was launched by Mathias Düsterdick (CEO) and Christoph Hüttemann (CFO) at the end of October 2015, after both had previously sold their shares in the PDI Group. At the end of 2020, Marathon Beteiligungs GmbH, founded in 2008 by the Düsterdick and Hüttemann families, acquired all shares in Gerchgroup. In the course of this, the Swiss SN Beteiligungen AG of the Ketterer family left as a shareholder. With now 7 project developments, the Gerchgroup is currently realising a total volume of around 3 billion euros throughout Germany. Further project acquisitions are planned in the short term.