German listed property company Patrizia is to lead the development of a new urban quarter in Düsseldorf. The new district with residential and commercial areas, as well as public facilities and a park, is expected to involve a total investment of EUR 210 mln.

Patrizia announced on Tuesday that is has acquired the 200,000-m2 Düssel-Park site in Düsseldorf's Gerresheim area for the development.

The vendor of the site is Owens-Illinois, the world's largest glass container manufacturer.

The project will be carried out jointly with O-I. 'It is very important to us to work together with the investor, the city and the environmental authorities to ensure that the glassworks site is once again available to the people of Düsseldorf for all kinds of activities,' said Joachim Herzig, Northwest Europe regional finance director at O-I.

'The former glassworks area has great potential. We are pleased to be able to create a new, lively urban quarter for Gerresheim with a park as its centrepiece,' added Jürgen Kolper, managing director of Patrizia Project Development.