GSK Stockmann advised Bayerisches Immobilien Kontor GmbH (BAYIKO) on the financing for the conversion of the former Quelle distribution centre in Nuremberg.

Now that the financing has been secured, work can begin on the redevelopment of a large section of the Nuremberg site previously occupied by the mail order company Quelle. The conversion will create a large number of apartments and commercial units, as well as repurposing another section of the former distribution centre, which has been vacant since Quelle went into administration in 2009. HypoVereinsbank is providing 98 million euros to finance the first phase of construction.

A GSK Stockmann team led by Munich partner Alma Franke advised BAYIKO on the financing.

HypoVereinsbank and BAYIKO have also reached a financing agreement for the second and final phase of the project. BAYIKO plans to redevelop “Building Section 5” located on the east side of the listed site at Wandererstrasse 80. The future neighbourhood will offer a total of 379 apartments, six commercial units and a daycare centre over a total area of 32,500 sqm. Construction is scheduled for completion in 2029.

Advisers of Bayerisches Immobilien Kontor GmbH at GSK Stockmann:

Dr Alma Franke (lead), Marcel Alexander Buss (both Finance)