CORPUS SIREO Real Estate in Cologne will take on the asset management of the purchased development. The seller of the portfolio is a company of CG Gruppe AG, Berlin. The purchase price amounts to EUR 241.5 million.
Six 5 to 7-storey new buildings and renovated buildings with the following types of use were acquired: residential (484 units on approx. 33,320 square meters), office (almost 8,800 square meters), commercial/retail (approx. 4,500 square meters), hotel (175 rooms) and parking (425 parking spaces). A 1,000-square-meter child care facility is also being built, which has already been leased to a leading operator.
Cologneo I”, located on Deutz-Mülheimer Strasse, is part of the “Mülheimer Süden” master plan launched in 2014. A large part of the space was previously used for industrial purposes and is now to be used for new purposes. In the medium term, a new urban quarter for almost 10,000 people will be created. The area extends the adjacent, existing residential development “Stegerwaldsiedlung”, which has been an established residential location for over 60 years and has been significantly upgraded in recent years through comprehensive modernisation measures.
Neighborhood development of the future
“This purchase offers to our investors an excellent opportunity to participate in this groundbreaking project for the City of Cologne. Cologneo is a successful example of the transformation of former industrial sites into sustainable, urban residential and service areas. The project offers a convincing mix of living, working and leisure and combines modern architecture with living comfort and the industrial roots of the area,” says Bernhard Berg, CEO of CORPUS SIREO Real Estate.
Jürgen Kutz, CEO of CG Gruppe AG, adds: “Cologneo is a typical product from the core business of the CG Group: development and construction of urban quarters in major German cities. The successful placement of a first large subdivision with an institutional investor simultaneously marks the start of the further planning and construction phases on our Deutz-Mülheim site – the district on the right bank of the Rhine in Cologne in which urban transformation is lived.”