Article
The center of Lucerne North is taking shape around Seetalplatz. The development comprises four buildings that clearly showcase the area's new urban qualities at the point where the two largest municipalities in Central Switzerland, Emmen and the city of Lucerne, meet. The fund is investing in a balanced mix of uses consisting of offices, apartments, retail, catering and leisure space.
November 2, 2023
Since the turn of the millennium, the Centrum Seetalplatz mall has been the face of Central Switzerland's busiest transport hub. The steel and glass construction, housing a multiplex movie theater and a wide range of shopping and dining options, forms the southern tip of today's Viscosistadt. At around 89,000 m2, it is larger than Lucerne's old town. In 1906, French industrialist Ernest Carnot founded Viscose Suisse here. Today the historical industrial site is mainly used for commercial purposes. The Lucerne School of Art and Design is located here, in addition to companies from a wide range of industries. Furthermore, the site on the banks of the Kleine Emme is home to numerous art, cultural, and event businesses. In the future, however, Viscosistadt will also be a place where people live.
The Centrum Seetalplatz mall was built in 2000 but the site was not fully utilized. Certain areas were not used, particularly along the riverbanks and the above-ground parking lot north of the center. By redesigning Seetalplatz, there was more scope to use the opposite side of the road more intensively. The 4VIERTEL project aimed to make use of this potential. Three new buildings surround the current center. Architecturally, the new construction matches the adjacent industrial buildings in terms of type and materials. The existing property now boasts a concrete-framed facade with calcium-silicate brickwork. The name "4VIERTEL" refers to the four buildings and their importance to the area. The new 45,000 m2 net floor area offers a wide range of retail, dining and leisure areas (bowling, gym facilities, movie theater) as well as 192 apartments.
The 4VIERTEL project symbolizes the area's transformation from an industrial site to the new center of Lucerne North. The unbuilt areas, which had only been used sparsely for decades (for example, for second-hand car dealerships), are now being significantly upgraded and consolidated. This takes into account the area's importance in terms of urban planning and its transportation links. Since its completion in 2000, the Centrum Seetalplatz was the only larger building on the busy Seetalplatz. The numerous traffic islands meant it looked bleak. Following the redesign of the square that was completed in 2018 and the "Emmenbrücke Bahnhof Süd" bus station, the course was set for this unbuilt land to be redeveloped. Credit Suisse 1a Immo PK anticipated this development and totally overhauled the Centrum Seetalplatz concept. With the three buildings surrounding the existing structure, 4VIERTEL not only makes better use of the site, but also improves connections to the adjacent Viscosistadt. Emmenbrücke (municipality of Emmen) and Reussbühl (city of Lucerne) come together from each side of the Kleine Emme river. Together they form a new urban center in the north of Lucerne, which takes account of the area's historical heritage and sets a course for the future.
Between August 2020 and September 2023, the real estate fund invested approx. CHF 180 million in this project. A new cantonal administration building will be constructed in the immediate vicinity: from 2026, almost 1,450 employees of the Canton of Lucerne will work here. Additional residential and office buildings will follow on other construction sites in the years to come.
The new 4VIERTEL buildings are constructed in accordance with state-of-the-art, resource-efficient standards. The comprehensive sustainability concept includes a photovoltaic system, excellent public transportation links, the use of smart home technologies and a connection to the district heating network.
Credit Suisse 1a Immo PK property types
The real estate fund is open to tax-exempt domestic employee benefits insurance plans and tax-exempt domestic social insurance and compensation funds, offering them an attractive investment opportunity in the real estate sector. With 115 properties and a market value of around CHF 5 billion, it is the second-largest real estate fund in Switzerland. Since it was founded in 1999, the fund has focused on high-quality real estate and invests in residential buildings, mixed-use residential and commercial buildings, office and business properties, as well as projects with the potential for capital appreciation and returns. The portfolio comprises recently built, contemporary properties and is broadly diversified in terms of location, utilization and tenant structure. By restricting the type of investor, the real estate fund is exempt from tax on income and capital at fund level. Fund units are traded over the counter.
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