Austrian listed property firm Immofinanz has completed the construction of the first phase of its largest development project in Germany, the €400 mln Gerling Quartier in Cologne.
Austrian listed property firm Immofinanz has completed the construction of the first phase of its largest development project in Germany, the €400 mln Gerling Quartier in Cologne.
Immofinanz is transforming the listed buildings, previously housing the headquarters of the Gerling insurance company, into an inner-city residential and office district with nearly 75,000 m2 of usable space and 400 garage parking spaces.
The second stage of construction is expected to be completed by end-2017.
'The Gerling Quartier is one of our most prestigious flagship projects and demonstrates our expertise in the realisation of premium, large-scale urban quarter development,' Immofinanz CEO Oliver Schumy told the opening ceremony.
Immofinanz finalised the full takeover of the project in September 2012, and the topping-out ceremony was held at the end of 2013. Phase I involves five residential buildings with 145 apartments and eight commercial properties with 25,000 m2 of rentable space.
Phase II will include a further 90 apartments in two residential buildings and 20,000 m2 of commercial space in three other properties.
More than 50% of the commercial space in the project has been leased or sold, with tenants including the Köhler & Klett law firm, McKinsey & Company, HSBC and LBBW. Of the 145 apartments in the first stage of construction, 75% have already been sold, with the sale of the apartments in the second stage expected to start in December.
Germany Investment Briefing at Expo Real
Here the latest about the market from experts during PropertyEU's Germany Investment Briefing on Tuesday 6 October at Expo Real.