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From leaseholder to proprietor

01/02/2011
Since 2001 Contipark operates the underground car park “Philharmonie” in Essen. After 10 years of successful management the Contipark group has decided in 2010 to buy the object based on a heritable lease from the Hochtief corporate group to further increase the property stock.

From the company view the acquisition has been an important transaction. The Philharmonie itself is one of the most beautiful and acoustically perfect concert halls in Germany and the biggest concert hall in the Ruhr with capacities for 1900 people.

But the acquisition hasn’t just been an investment in a famous area, but also in a very important city in North-Rhine Westphalia. Essen is a significant industrial and university site with more resident DAX-listed companies than in the federal capital. In 2010 Essen was the European Capital of Culture representative for the whole Ruhr.
The site of Essen has been strengthened through the acquisition of a further car park. In Essen Contipark manages overall eight car parks, amongst others at the central station and at the end of the pedestrian zone.

The underground car park “Philharmonie” is well arranged and brightly lit. It has 438 parking spaces, is open 24/7 and has a low-priced concert-tariff.