CORESTATE is expanding its product offering to include city districts, also known as mixed-use real estate. In Cologne, Hannover Leasing, a subsidiary of CORESTATE, has acquired the prestige project development Clouth 104 for one of the leading German primary insurance groups. The project is part of the so-called Clouth Quartier on the grounds of the former Clouth Gummiwerke in Cologne-Nippes and is exemplary for new types of use on urban building estates in prime locations and the increasing demand for new residential, commercial and mixed concepts. The total investment volume will be around EUR 80 million.
Frankfurt, November 18, 2019. CORESTATE Capital Holding S.A. (CORESTATE), a leading independent real estate investment manager in Europe, is expanding its product offering to include city districts, also known as mixed-use real estate. In Cologne, Hannover Leasing, a subsidiary of CORESTATE, has acquired the prestige project development Clouth 104 for one of the leading German primary insurance groups. The project is part of the so-called Clouth Quartier on the grounds of the former Clouth Gummiwerke in Cologne-Nippes and is exemplary for new types of use on urban building estates in prime locations and the increasing demand for new residential, commercial and mixed concepts. The total investment volume will be around EUR 80 million.
Lars Schnidrig, CEO of CORESTATE: “We are expanding our product range in response to client demand for new investment solutions. In the Stadtquartier, we will be able to contribute our many years of expertise in the residential and commercial asset classes. As with the micro living asset class, which is firmly established today, our decision to invest in urban districts is an early move towards an up-and-coming and forward-looking real estate class. We are convinced that successful residential projects will be closely linked to the development of commercial real estate in the future in the course of urbanization and the associated densification in the conurbations.”
Clouth 104 can best be described as a “Living Office”, because urbanity and “Veedel Culture” meet lifestyle orientation, communicative “Sharing Spaces” and a loft atmosphere with meeting spots such as a roof garden, a courtyard and common rooms as well as attractive gastronomic offers. The property appeals to companies that cultivate a new work culture and attach importance to individual creative freedom. In cooperation with the city of Cologne, CORESTATE is also making a special cultural contribution: the artists’ studios, which for many years were located on the former Clouth grounds, are being taken into consideration in Clouth 104 in the form of studio lofts.
The office, commercial and studio building Clouth 104 is in a prime location, embedded in an excellent infrastructure. On a plot of approx. 7,500 m², it will offer rental space of around 18,593 m² as well as an underground garage with 203 parking spaces. Warner Bros. ITVP Deutschland GmbH has rented over 4,600 m² of office space and is the most important anchor tenant. The first areas have already been handed over to new tenants. The building is Gold certified by the German Sustainable Building Council (DGNB). A car sharing station with an e-charging station is located directly inside the building.
The property is located in the middle of an up-and-coming district with restaurants, cafés and pubs. It is directly adjacent to the Agnesviertel and thus the northern city center. The center of Nippes, Neusser Straße, with additional infrastructure, flora and Wilhelmplatz, are only 5 walking minutes away, the main station only 2 km.
The seller is Clouth 104 Grundstücksgesellschaft mbH, a joint venture of the project development company Kairos Real Estate Development GmbH (KairosRed) and fundament_projektentwicklung GmbH. KairosRed will continue to be active in Clouth 104 and operates event and co-working areas, the hotel and the underground car park on approx. 3,500 m². The concept and structure of the building originate from KairosRed, design and architecture from Lepel & Lepel, Cologne. Bechtolsheim Real Estate structured the project financing, is involved in the project as a capital partner and brokered the transaction on behalf of the owner. The project development was accompanied by Hannoversche Volksbank eG and DZ HYP AG as part of a consortium financing.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With some 800 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange (SDAX) and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 13 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
Forward-looking statements
This press release may contain forward-looking statements. Forward-looking statements are all statements that are not historical facts and events. This applies wherever there is information about future financial profitability, plans and expectations with regard to the company, growth and profitability as well as economic conditions to which the company is exposed. Statements using the words “should”, “may”, “will”, “believes”, “expects”, “assumes”, “assumes”, “estimates”, “plans”, “believes”, “to the knowledge”, “estimates” or similar expressions indicate such forward-looking statements. Forward-looking statements are based on current estimates and assumptions made by management to the best of their knowledge. Such forward-looking statements are based on assumptions and factors and are subject to uncertainties, the non-occurrence or occurrence of which may cause the actual circumstances, including the Company’s net assets, financial position and results of operations, to differ materially from or be more negative than those expressly or implicitly assumed or described in these statements. Certain forward-looking statements, while appropriate at this time, may prove to be incorrect. Various known and unknown risks, uncertainties and other factors could cause the forward-looking statements, actual results, financial position, development or performance of the Company to be materially different from those expressed or implied by such statements. Therefore, the Company and its management cannot be held responsible for the actual occurrence of the forecasted developments. It should be noted that the Company assumes no obligation to update such forward-looking statements or to conform them to future events or developments.
