IMMOFINANZ will soon complete construction on the first section of its largest development project in Germany, the Gerling Quartier in Cologne. This former site for the Gerling insurance company headquarters is being transformed into a high-quality inner city residential and office district with nearly 75,000 m² of usable space. The Gereonshof, which is designed as an Italian piazza, was inaugurated today at an opening ceremony and presented to the residents of Cologne. The investment in the Gerling Quartier totals approx. €400 mln, and the second stage of construction is scheduled for completion at the end of 2017.
“IMMOFINANZ has been firmly established in North Rhine-Westphalia, and above all in Cologne, for many years. The Gerling Quartier is one of our most prestigious flagship projects and demonstrates our expertise in the realisation of premium, large-scale urban quarter development, emphasised Oliver Schumy, CEO of IMMOFINANZ, at the opening ceremony. “However, we don’t intend to stop at this milestone: work will continue without interruption on the finalisation of the last apartments in the first section and the construction of the second section. We will also do everything in our power to quickly and successfully complete the Gerling Quartier during this phase.“
Lord Mayor Jürgen Roters on the significance of the Gerling Quartier: “The opening of the piazza in the Gerling Quartier represents a highpoint for one of the most important construction projects in the heart of our city. The Quartier is now open to all of our residents. This central location has developed a unique flair which gives the entire area a new and attractive face. It has become a ‘centre of attraction‘ in the real sense of the word, a square with the esprit of a southern piazza. In order to protect and maintain the landmarked Gerling Quartier buildings for the future as an urban entity with high architectural and historical value, IMMOFINANZ worked closely together with the city curator to realise this superior urban ensemble as a single major project – and in doing so, made an important contribution to improving the quality of urban development in the entire area along the ring roads.“
The Gerling Quartier is an ensemble of twelve existing buildings and six new buildings on 35,000 m². It includes 95,000 m² of gross floor space above ground and 400 garage parking spaces. The 75,000 m² of usable space cover 45,000 m² of commercial areas and 30,000 m² of exclusive living space. The existing buildings are designated for historical protection, and the entire Quartier is listed as an ensemble.
Numerous tenants have already decided in favour of the Gerling Quartier, including the Köhler & Klett law firm, McKinsey & Company, HSBC and LBBW. The distinctive office properties are not only distinguished by their names, but also by their interior and exterior design – each of the buildings has its own charm and flair. Three commercial properties with a total of 4,400 m² in usable space were sold to local investors and enrich the Quartier with their special use (e.g. a boutique hotel and an art exhibit).
Source: IMMOFINANZ
