Commerz Real Capital Management Company has acquired a residential and commercial property to be built in the Ehrenfeld district of Cologne for its real-estate special fund, CR Institutional Smart Living. The vendor is Kreer Development. The two parties have agreed not to disclose the value of the transaction, which has been structured by Commerz Real as a forward purchase asset deal.
The mixed-use property, designed by Astoc Architects & Planners, will total 5,400m² and comprises a student accommodation block to be managed by Pro Immobilia (approximately 3,200m², 159 apartments), 30 Stayery-branded serviced apartments (approximately 700m²), and a store to be leased long-term to a nationwide discount supermarket chain (approximately 1,200m²), plus a number of smaller commercial units (three to four, approximately 300m² in total). The scheme, located at 202 Vogelsanger Strasse, benefits from easy access to private and public transport.
Ehrenfeld has evolved from an industrial and working-class district into a residential area popular with artists and students who are attracted by a lively cultural scene and the many local public houses and bars. In addition to the discount supermarket in the building itself, residents will have easy access to a variety of shops in the immediate vicinity. Ehrenfeld rail station and Venloer Strasse, a major axis road featuring multiple bus and tram stops, are just a few minutes’ walk away. Cologne University, attended by almost 50,000 students, is about 15 minutes by bicycle, and some 20 minutes by public transport.