Gerchgroup and ESW - Evangelisches Siedlungswerk conclude purchase contract

Düsseldorf/Nuremberg, 03 March 2020. The Gerchgroup from Düsseldorf has sold a building site of the district development "The Q" in Nuremberg. The buyer is ESW - Evangelisches Siedlungswerk from Nuremberg.

The plot is the building site south of the Wandererstrasse, opposite the former Quelle mail-order centre. In accordance with the urban development agreement between the City of Nuremberg and {{gerchgroup]] AG dated 17 August 2018, the construction of subsidised flats on the site is planned. The undeveloped site has a size of 10,157 m². According to the urban development contract, an above-ground gross floor area of at least 10,000 m² and, if possible, up to 15,000 m² must be realised.

For ESW - Evangelisches Siedlungswerk, the area around the former Quelle mail-order centre is a familiar part of town, because shortly after the end for Quelle, it was the church company that invested in the district at an early stage by saving the former Quelle company kindergartens and then developing the Family Nest project with affordable terraced houses for families and building a day-care centre for children. "For us, the continuation of our activities with affordable rental flats for the West of Nuremberg is the logical conclusion of our commitment at that time, which we are looking forward to," says Hannes B. Erhardt, Managing Director of the ESW Group.

Mathias Düsterdick, Chief Executive Officer of Gerchgroup AG, is pleased to announce: "With the sale of the construction site on Wandererstrasse, we can announce the next important milestone for the overall The Q project. With ESW, we have found a suitable buyer for the property. By building subsidised flats, ESW can somewhat counteract the pressure on the Nuremberg housing market".

Legal advice on the transaction was provided for the Gerchgroup by Dr. Lars Kölling, partner in the law firm Rotthege Wassermann, Düsseldorf. For ESW, Dr. Michael Grüner, Bissel + Partner Rechtsanwälte PartGmbH, acted in an advisory capacity.

The parties have agreed not to disclose the purchase price.

About Gerchgroup AG

The Gerchgroup is a project developer operating nationwide with headquarters in Düsseldorf. The company was founded by Mathias Düsterdick (CEO) and Christoph Hüttemann (CEO) at the end of October 2015, after both had previously sold their shares in the PDI Group. Currently, the Gerchgroup realises a total project development volume of around €5 billion. Further project acquisitions are imminent.

About the ESW - Evangelisches Siedlungswerk

With its approximately 13,000 managed units, the ESW - Evangelisches Siedlungswerk stands for affordable housing throughout Bavaria. Together with its subsidiaries, the ESW group of companies covers all services in the life cycle of a property. By constantly developing its real estate portfolio, the company has been helping to ease the pressure on the housing markets for 70 years, particularly in Bavaria's conurbations. As the largest Protestant housing company in Germany, ESW stands for the compatibility of social responsibility and economic efficiency. The ESW currently has more than 1,500 affordable housing units under construction or project planning throughout Bavaria, with further projects in the pipeline.

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