An investment group led by developers Ulick and Des McEvaddy have purchased a majority interest in a site beside the new airport in Berlin.
The 86-acre site will be jointly developed between the consortium – which is made up of clients of Farrell Grant Sparks (FGS) – and commercial property developer Investa Real Estate Group.
Construction of the €2.7 billion new Berlin Brandenberg International airport is underway with Completion scheduled for 2011.
In a statement from their representatives the McEvaddys said they planned to build retail units, offices, a hotel and residential buildings. Construction is due to start next year and will take 9 nears to complete.
"The new airport – the largest infrastructural project in Germany – will accelerate economic activity in the greater Berlin area but especially in Schonefeld. What has been a relatively small community will be transformed into a city in the coming years," Mr McEvaddy said.
"This is a unique opportunity to be part of one of the most exciting airport developments in Europe," he added.
He estimated the value of the completed development at €800 million.