Austrian listed property firm Immofinanz has completed the construction of the first phase of its largest development project in Germany, the 鈧�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 鈧�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 K枚hler & 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.
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