The transaction was concluded in the form of a forward deal and comprises two sub-projects with a total above-ground GFA of approx. 26,000 m².
In the southern sub-project, between Große Budengasse and Laurenzplatz, preparatory renovation work has already begun on the listed Senatshotel and the partial demolition of the non-listed areas. The Radisson RED Cologne Hotel will be realised here by the end of 2023. A 25-year lease agreement was already signed with the internationally renowned operator in spring 2020. The hotel will have a total of 265 rooms, 171 of which will be housed in the listed building, with a further 94 rooms planned for the northern sub-project.
The new building in the northern sub-project is characterised by its exclusive location opposite Cologne Cathedral, directly on the Domplatte. In addition to the hotel use, ultra-modern office space will be realised here on approx. 11,000 m² of above-ground gross floor area, which can be flexibly divided and enable work at one of the best addresses in Cologne. The unobstructed view of the cathedral and the intensively landscaped roof terrace make this building complex a unique location. In addition, high-quality retail and gastronomy areas round off the entire ensemble and offer future tenants and users of the quarter attractive options for modern forms of work and life.
The building application for this sub-project has already been submitted and completion is scheduled for the end of 2024.
Marc K. Thiel, Gerchgroup AG's Chief Transaction Officer, emphasises: "After another year dominated by Corona, we are of course delighted that we have been able to sell one of our premium projects directly on Cologne Cathedral in the form of a forward deal. This is certainly not a matter of course at the moment, but it clearly shows that premium products such as the Laurenz Carré are still in demand and that we are still in a functioning market. This is also shown by the fact that, in addition to Corestate, we were repeatedly approached by other potential investors about an early forward deal. After Corestate had already acquired our neighbourhood development THE Q in Nuremberg in the summer of 2020, I am particularly pleased to be able to continue the previous trusting and harmonious cooperation here with Laurenz Carré as well. "
Tobias Gollnest, CIO DACH at Corestate: "The Laurenz Carré district development is an absolute showcase project with a city-shaping character for the centre of Cologne and we are all the more delighted about the acquisition. Gerchgroup AG is the ideal partner for us to implement such a complex project, because we are now building on an already successful and professional joint business history with them. This is particularly important for us because high expectations are being placed on the realisation of the Laurenz Carré by many parties - be they the city, local residents, business neighbours or, above all, new tenants and, last but not least, our customers. "
Gerchgroup was advised on the transaction by Dr Lars Kölling, partner at the Düsseldorf-based law firm Rotthege Wassermann.
The parties have agreed not to disclose the purchase price.