Swiss Life AM invests again in Germany
Swiss Life Asset Managers acquires part of the Cologneo I neighborhood development in Cologne for a real estate special AIF of Swiss Life KVG. The seller is a company of the CG Group; the purchase price amounts to EUR 241.5 million.
According to a Corpus Sireo statement, six five- to seven-story new buildings and renovated structures were acquired. The buildings include 484 residential units on about 33,320 sqm, nearly 8,800 sqm of office space, about 4,500 sqm for commercial and retail, as well as a hotel with 175 rooms and 425 car parking spaces. A daycare center of more than 1,000 sqm is also planned, which has already been leased to an operator.
Cologneo I is located on Deutz-Mülheimer Strasse in the right bank of the Rhine in Cologne. The development is part of the Mülheimer Süden master plan launched in 2014. Much of the land there was formerly used for industrial purposes and is now to be put to new uses. In the medium term, an urban neighborhood for almost 10,000 people is to be created. The area borders on the Stegerwaldsiedlung, which was built in the 1950s and is thus considered Cologne's earliest housing estate. The residential site is currently undergoing extensive redevelopment and modernization. (ah)
