Cologne-based Lammerting Immobilien Gruppe (LIG) said that it has sold the Domkarree Koln portfolio located in the city centre of Cologne to the pension fund of the Bavarian cities, BVK Bayerische Versorgungskammer. The transaction details were not disclosed but the asset is estimated to be worth over EUR 100 mln. LIG said that it will continue the further development of the portfolio together with BVK Bayerische Versorgungskammer.
Cologne-based Lammerting Immobilien Gruppe (LIG) said that it has sold the Domkarree Koln portfolio located in the city centre of Cologne to the pension fund of the Bavarian cities, BVK Bayerische Versorgungskammer. The transaction details were not disclosed but the asset is estimated to be worth over EUR 100 mln. LIG said that it will continue the further development of the portfolio together with BVK Bayerische Versorgungskammer.
The Domkarree Koln portfolio offers 12,000 m2 of commercial space in the immediate vicinity of Cologne's cathedral. LIG acquired part of the portfolio in 1998 and the rest two years later. Property services firm Greif & Contzen acted on the transaction.
In the coming months the German real estate developer intends to extend the hotel part of the portfolio by adding 41 luxury rooms and suites to the scheme, which will be operated under the Luxury Collection of Starwood brand. The hotel, located on the Dom square of the city, will offer a total of 160 rooms on completion planned by the end of 2010.
