Schaffhausen: Swiss Life AM invests in new city district
Swiss Life Asset Managers is the new investor in the project on the Stahlgiesserei site in the Mühlental in Schaffhausen, where a new urban district with a mix of residential, leisure and work is being created.
On the former site of the Georg Fischer steel foundry, Swiss Life AM is acquiring several high-rise residential buildings, parking spaces and smaller commercial areas. The eight high-rise buildings with a total of 307 apartments will be completed in seven stages and are expected to be ready for occupancy from 2020 or 2021. The conversion of the industrial wasteland will create a new district in Mühlental with residential, commercial, service and restaurant space. Swiss Life AM will also become co-owner of the publicly accessible Stadtgarten. Thus, the approximately 10,250 sqm site is divided roughly equally between the two main investors, Swiss Life AM and Klaiber Immobilien AG. The parties have agreed not to disclose the purchase price.
The investment vehicles involved on Swiss Life's side are Swiss Life Ltd (four high-rise residential buildings with 150 apartments), the Swiss Life Investment Foundation (two high-rise residential buildings with 75 apartments) and the real estate fund Swiss Life REF (CH) Swiss Properties (two high-rise residential buildings with 82 apartments).
The transformed Stahlgiesserei, which has been expanded to include new buildings, will in future consist of high-rise residential buildings as well as office and commercial buildings in former industrial halls with a combined gross floor area of 31,500 sqm. The new living and working quarter with a school as well as various other offers, including medical practices, in the otherwise still mainly commercially used Mühlental is located within walking distance of the old town and the Schaffhausen train station. At the center of the site is the public, partially covered 8,560-square-meter city garden, which will serve as a meeting place for settlement and city residents. The 307 rental apartments will be in the mid-price segment. The high-rise residential buildings will be built according to the Mine Energy Standard.
