Acquisition portfolio "Gerling Head Office Cologne" for premium quarter development.
Press release (webversion)
Cologne / Düsseldorf 28.12.2006
Frankonia Eurobau continues growth strategy with premium real estate.
Acquisition of the portfolio "Gerling-Head Office Cologne" for premium quarter development.
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 Immofinanz AG, acquired the total site of the Gerling 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 self-contained Gerling quarter parallel to the Hohenzollernring / Kaiser Wilhelm-Ring and is enlosed by the Friesenstraße / Hildeboldplatz / Von-Werth-Straße / Christophstraße / Gereonskloster and Spiesergasse. The total quarter consists of numerous, partially historical and protected buildings and is architecturally characterized by the well-known central buildings that were built between 1952 and 1963 (high-rise building and administrative building at the Gereonshof, round building in the Klapperhof). Included in the sold portfolio are also a parking garage between Christophstraße / Gereonswall and Probsteigasse and the Gerling City House Hohenzollernring 62 / corner Magnusstraße.
The objects in the portfolio - give or take a few exceptions all used as headquarters by Gerling apart - will be continued 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.
"We concentrate our efforts on the development of premium real-estate quarters in grade A locations that consider both the interests of investors as well as buyers and tenants long-term. The Gerling quarter with its sought-after city location and its succinct and unmistakable architecture already is a top and distinct address in Cologne. Today still functioning as representative head office of an insurance company, the new city quarter will be one of the most sought-after and sophisticated top addresses in Cologne after the refurbishing by Frankonia and will deliver living, lifestyle, and work at the highest level of quality", Uwe Schmitz, chairman of the board of Frankonia Eurobau AG explains.
In Germany, Frankonia Eurobau AG is among the best performing and most successful providers in the medium-sized economy in the real-estate project development domain and as full realty service provider and investment house covers the entire value-added chain in regards to real estate. The spectrum of the nation-wide project developments ranges for classical residential, office, and commercial construction to city-image quarter development in the absolute premium segment.
28 Dec 2006
Contact: Uwe Schmitz
Chairman of the board FRANKONIA Eurobau AG, Hübeck 5 - 41334 Nettetal, Phone: +49 - (0) 21 58 91 53 - 33 -
Fax: +49 (0) 21 58 8477, Email: u.schmitz@frankonia-eurobau.de;www.frankonia-eurobau.de