Corpus Sireo sells 344 apartments from its own portfolio (DE)

Corpus Sireo Asset Management Residential GmbH, Cologne, has sold all of the apartments at the "Am Beethovenpark" complex in Cologne-Sülz. The last of a total of 344 apartments and six commercial units in the residential complex "Am Beethovenpark" were sold by the Cologne-based company in December 2013. Total proceeds of €81.25 million were generated.

The residential complex with up-market fittings in one of the most attractive locations in the south-west of Cologne, namely directly next to the Beethovenpark, was built during the 1990's. In 1995, it received an award in the form of the Deutscher Architekturpreis. The complex mainly comprises of three-storey residential blocks with roof terraces and private gardens, and are grouped around a watercourse, thus forming an entity with the attractively landscaped surroundings.

Corpus Sireo acquired the property with a total residential area and usable space of 27,367 m² as well as 429 underground parking spaces from an insurance group in Cologne in 2006.

Stefan Korthals, managing director of Corpus Sireo Asset Management Residential GmbH, says the following: "We have precisely met our target for the planned sales period of 2007 to 2013, and are very satisfied with the average price of approximately €3,000 per square meter."

Corpus Sireo Asset Management Residential had split up the complex into residential and part-ownership units and calculated a price for each individual residential unit. CORPUS SIREO Broker handled the sales process and the legal department handled the contract arrangements.

Bernhard Rieksmeier, managing director of CORPUS SIREO Investment Residential GmbH, comments as follows: "The project 'Am Beethovenpark' is an example of the great advantage of our corporate structure. Our in-house specialists have handled all individual stages, ranging from the initial purchasing of the project right through to the completion of sales."

Source: Corpus Sireo

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