Patrizia has acquired an urban quarter currently under redevelopment in Mülheim an der Ruhr, western Germany, for a real estate fund for private investors. The property was sold by a joint venture of Fortress Immobilien AG and GRS Beteiligungen GmbH, as well as Competo Capital Partners GmbH. The purchase price was not disclosed. The site features offices, medical practices, care facilities, retail, gastronomy, leisure facilities and parking on a total leasable area of 34,000 sqm. Tristar will operate a Holiday Inn Express hotel on the property. Construction is expected to finish by the end of 2018 or early 2019.
