Real estate investment specialist Empira Group has launched an investment opportunity for institutional investors to participate in Die Welle Köln (DWK), a residential-led development in Cologne, Germany.
DWK is a neighbourhood development project in Cologne’s Marienburg district creating a modern residential and commercial district with a planned gross floor area of 84,503 m2 on a 50,227 m2 site.
The scheme, with a total of 752 residential units, is being planned in line with key ESG objectives.
Cologne is the fourth-largest city in Germany with more than a million inhabitants.
Lahcen Knapp, founder and chairman of the board of directors of Empira, said: 'The project Die Welle Köln shows that ecological, social and economic sustainability can go hand in hand.
'By combining innovative architecture, modern energy concepts and socially responsible housing, we create precious added value for society and our investors.'
Upon completion, the development will meet the DGNB Platinum and QNG quality marks - the highest possible achievements in Germany for sustainable and socially responsible buildings.
The development will comply with the KfW Efficiency House 40-NH standard, and EU Taxonomy and Sustainable Finance Disclosure Regulation will apply to the investment.
Heating and hot water will be supplied by district heating. Furthermore, large parts of the power supply are generated by on-site photovoltaic systems. In addition, around ten percent of the apartments are publicly subsidised underscoring the positive social impact.
A notable feature of the project is the removal of over 50,000 m3 of asbestos, making DWK the largest asbestos removal project in Europe.
According to Empira, the DWK fund has a target return of over 8.2% IRR and a term of 10 years, including an extension option. Construction is scheduled to start at the end of the second quarter in 2023.
