Corpus Sireo takes over German Zurich real estate
Zurich Group Germany sells its owner-occupied office properties in Cologne and Bonn to Corpus Sireo, part of Swiss Life.
The real estate package sold includes the head office in Poppelsdorfer Allee in Bonn, the building in Rabinstrasse in Bonn and the complex around Riehler and Worringer Strasse in Cologne. Both parties have agreed not to disclose the purchase price; the purchase agreements were notarized on August 18.
Zurich will continue to use the office buildings, probably until the end of 2019, and will then move into the new buildings. The new headquarters will be located in the MesseCity development in the Deutz district on the right bank of the Rhine. For the construction phase, Zurich has agreed with Corpus Sireo to lease back the old buildings.
Corpus Sireo intends to define a future use for the vacated properties in coordination with the responsible authorities in Bonn and Cologne that is in line with the urban development plans of both cities. An urban development qualification process has already been carried out for the 23,000 sqm site on Poppelsdorfer Allee in Bonn, which was won by the Cologne-based architectural firm Astoc. The concept envisages a mixed-use development of residential and commercial space that is to fit seamlessly into the surrounding architectural structure. Construction of the new urban quarter could begin in 2020. (ah)
