PSJ has returned to the German market after establishing a sister company, PSJ Bau. In January, the new company started construction on an apartment building called Merkur I in Dresden for a consortium of two German developers, Baywobau CTR. The project is going up on Wallstrasse and will offer 62 apartments on seven floors. Commercial space on the ground floor will be leased to Postbank. Costs are expected to run to €10.5m.
The move is in line with the company’s new strategy to return to West European markets. PSJ Bau is expected to expand its activities to other EU markets. PSJ built a few smaller projects in Germany between 1991 and 1992, but then shifted its focus to the East.
