CS fund invests in Lucerne North

The 4Quarter project on the Viscose site consists of two building complexes currently under construction. The seller is Viscosuisse Immobilien AG; CS 1a Immo PK intends to integrate the project into an overall site development.

According to a Credit Suisse Asset Management statement, the ensemble will comprise a mix of uses including offices, apartments, retail and leisure space on a total area of 37,547 sqm. At the same time, the commercial areas of an existing property at Seetalplatz 1 will be revitalized and expanded by adding a residential annex. A total of 192 new apartments will be created.

As construction on the newly developed site would result in significant synergies - including a shared underground parking garage - this would shorten the construction period, CSAM added. Initial use is expected to be possible as early as 2023, he said. The new buildings will be built to resource-saving standards, including being connected to the district heating network, having a photovoltaic system and will use smart-home technologies. The buildings will meet the Greenproperty and Minergie sustainability standards.

"The high project quality, the redensification and the sustainability convinced us. At the same time, it is the first project,
which is being built as part of the Lucerne North City Center master plan. We are counting on this to have a strong signal effect and see this as a valuable investment for the fund portfolio," says Marcel Denner, fund manager of CS 1a Immo PK. (ah)