Hochtief sells office and retail project in Cologne

Hochtief, the German construction and development group, has sold an office and retail property development in Cologne for an undisclosed sum to German real estate developer-investor Tessner Group.

The project at Schildergasse 84a in Cologne's pedestrian zone will provide 2,500 m² of office and commercial space over four levels above ground and two below. The shell construction of the property has already been completed, and is scheduled for occupancy in fall 2011.

The commercial space from the first lower ground floor to the first floor has been completely let to retailers Adidas and Promod. The second and third floors are earmarked for office use.