Basel: CS funds invest in the Erlenmatt district
Three Credit Suisse real estate funds, together with the total contracting company Losinger Marazzi, are realizing a superstructure on Building Site A in Basel's Erlenmatt district. The project is to form the center of the new Erlenmatt site.
The three real estate funds Credit Suisse Real Estate Fund Interswiss, Credit Suisse Real Estate Fund LivingPlus and Credit Suisse Real Estate Fund Siat are the co-owners and acquired the Erlenmatt Baufeld A project on July 1, 2016.
The new center will comprise 312 rental apartments on up to seven upper floors. The residential mix includes studio and multi-story apartments with 2.5 to 4.5 rooms as well as lofts. Around 7,400 sqm of retail, restaurant and storage space is planned for the first basement level and first floor. In addition, an underground parking garage with 272 parking spaces will be built. The investment volume amounts to around CHF 233 million. The anchor tenant is Coop; according to Credit Suisse, other tenants to date include Coop Vitality Apotheke and Dipl. Ing Fust AG.
The project is "2,000-Watt-Areal" certified and aims to meet the Minergie-Eco exclusion criteria. In addition, the requirements for "greenproperty", the seal of approval for sustainable real estate from Credit Suisse Real Estate Investment Management, are to be met.
In 2014, a study commission was carried out in which five national architectural firms participated. The jury selected the project by Morger Partner as the winner. The project was further developed in close cooperation with all parties involved until the building application was submitted in February 2016. The building permit has been legally binding since June 13, 2016. Construction installations and excavation work will start in July 2016. The start of the execution work is planned for the beginning of 2017, completion in spring 2019.
With the Erlenmatt Quarter, a well-developed urban quarter is being created in the middle of Kleinbasel. It will provide living space for 3,000 people in more than 1,200 apartments. Losinger Marazzi has also already developed and realized the Erlentor project, which comprises 239 apartments, and the Erlenmatt West project, Switzerland's second certified 2,000-watt site, which includes a total of 574 apartments, 2,000 square meters of commercial space and a senior citizens' residence. The Credit Suisse Real Estate Fund LivingPlus has already invested in the Livin:Erlenmatt project with 180 rental apartments. (ah)
