Commerz Real Acquires Project Development Neue Direktion Köln in Cologne.
Commerz Real just signed an agreement with HOCHTIEF Projektentwicklung concerning the acquisition of the Neue Direktion Köln complex on behalf of its “hausInvest” open-ended real estate fund. The new building, which will integrate the historic façade of the Eisenbahndirektion Cöln building from 1913, will deliver 21,400 square metres of state-of-the-art office accommodation. The investment volume totals 128 million euros.
Currently under construction on the bank of the Rhine in immediate proximity of the cathedral and the central railway station, the property is scheduled to be completed by spring 2016. Sole tenant of Neue Direktion Köln will be the European Aviation Safety Agency (EASA). The EU agency, which is controlled by the European Parliament, signed a 20-year lease that includes a renewal option.
“We are pleased to have acquired another prime property for hausInvest with Neue Direktion Köln,” said Roland Holschuh, Member of the Board of Commerz Real AG and in charge of the real estate business. “With its symbiosis of historic façades and a modern rooftop superstructure, the building will accentuate Cologne’s riverside skyline with a new highlight. Moreover, the property with its unique location and its high technical standard will make a sustainable and reliable contribution to the fund performance of ‘hausInvest’ through its 20-year lease to the prestigious tenant EASA.”
HOCHTIEF Projektentwicklung already started fully gutting the building on Konrad-Adenauer-Ufer in early 2013. The building’s south-, east- and north-facing historic façades will be preserved. The new top floors will be executed as recessed storeys that recall the original outline of the roof structure that was never restored after having been destroyed in the war.
In the architectural competition conducted in 2012, won by kadawittfeldarchitektur from Aachen together with Graf & Graf from Montabaur. The challenge had been to create a harmonious combination of the historic building stock with a modern roof structure, and to add a signature highlight to Cologne’s skyline. The winning entry offers experience of architectural history in a sustainable building earmarked for a DNGB Silver certificate and characterised by peerless location qualities due to its superior location and its excellent infrastructure.
Source : Company