German property group Corpus Sireo Asset Management Residential has sold the Am Beethovenpark complex in Cologne-Sülz to an undisclosed buyer.
German property group Corpus Sireo Asset Management Residential has sold the Am Beethovenpark complex in Cologne-Sülz to an undisclosed buyer.
The scheme, providing a total of 344 apartments and six commercial units, was divested for just over €81 mln.
Built during the 1990s, the complex comprises three-storey residential blocks with roof terraces and private gardens. Corpus Sireo bought the 27,400 m2 property from an insurance group in Cologne in 2006 and divided the complex into several residential units.
'We have precisely met our target for the planned sales period of 2007 to 2013, and are very satisfied with the average price of €3,000 per m2,' commented Stefan Korthals, managing director of Corpus Sireo Asset Management Residential.