Frankonia acquires the Gerling head office in Cologne
Erwerb des Portfolios „Gerling-Zentrale Köln“ für Premium-Quartiersentwicklung. Frankonia Eurobau setzt Wachstumsstrategie mit Premium-Immobilien fort
Frankonia Eurobau AG consistently continues its growth strategy in the premium quarter segment. In this segment the company focuses on premium real-estate for integrated living, office, hotel, and retail in first-class locations in selected major cities.
In this context Frankonia Eurobau, in a joint venture with the Austrian Partner AG, acquired the total site of the Gerlin head office in Cologne from the HDI-Gerling Lebensversicherungs AG with a property size of ca. 47.000 sqm a building substance of ca. 130.000 sqm gross floor area. The purchasing price will not be disclosed. The objects in the portfolio - give or take a few exceptions used as headquarters by Gerling - will continue to be used by Gerling as principle lessee until the end of 2008. Through a sophisticated modernization of the historic building fabric, the creation of new, high-spec usage space and redesign of the grounds, the quarters will be converted into a high-quality to luxurious premium city quarter starting in 2009. The architecturally unique and city-image enhancing building ensemble in prominent down-town location is downright predestined for conversion and development into a high-spec city quarter in the premium segment following the successful Frankonia concept of the Lenbach Gardens in Munich. Planned are ca. 140 luxurious new developments and stylish refurbished apartments with doorman concept, high-spec and representative office space, hotel and service apartments, and spacious restaurant, retail, and leisure areas with unified quarter and service concept and high security standards.