Corestate acquires the prestigious Laurenz Carré project in Cologne from Gerchgroup AG
DGAP-News: Corestate Capital Holding SA / Keyword (s): Real estate / Acquisition
21.12.2021 / 07:00
The sender is solely responsible for the content of this advertisement.
Corestate acquires the prestigious Laurenz CarrÃ© project in Cologne from Gerchgroup AG
Frankfurt, December 21, 2021 – Corestate, one of the leading independent investment and asset management companies for real estate and related financing solutions, has acquired the development of the downtown district Laurenz CarrÃ© in a Prime location in the city of Cologne, right next to the cathedral for an institutional client of the DÃ¼sseldorf-based project developer Gerchgroup AG. The company is thus constantly expanding its new product concentration in urban areas and intensifying its investment activities in this basic segment. Gerchgroup will continue to plan, implement and deliver the entire turnkey project. The transaction was concluded in the form of a forward contract and includes two sub-projects for the mixed-use building with delivery end 2023 and end 2024 respectively. Corestate was involved in the financing of the project at an early stage. via HFS and has accompanied the process ever since. In addition, Corestate Bank advised Gerchgroup on the latest refinancing.
Corestate sees growing demand from its customers for innovative mixed-use concepts and neighborhood solutions for residential, retail and infrastructure and seeks to further expand its market position in the urban neighborhood segment with Laurenz CarrÃ© . In 2020, for example, the company acquired the main development section of the “The Q” trophy district in Nuremberg. The seller was also Gerchgroup AG. The transaction is also a prime example of Corestate’s holistic business model of offering a full range of real estate capital and real estate debt products and services. The company supports projects throughout their life cycle and can, for example, provide loans for preparation and purchase through its subsidiary HFS, advise on all aspects of refinancing with Corestate Bank and act as a investor as well as manager of investment, assets, funds and property. .
Tobias Gollnest, CIO DACH at Corestate: âThe Laurenz CarrÃ© is an absolute showcase project with an urban character for the center of Cologne. It convincingly combines very different uses that are emblematic of the urbanity of the future, which offers attractive new possibilities for working and living together. Gerchgroup AG is the ideal partner for us to implement such a complex project, as we build on an already successful and professional joint venture history. This is particularly important for us, because high expectations are placed on the realization of the Laurenz-CarrÃ© in many aspects – whether it concerns the city, the inhabitants, business neighbors or even new tenants and, last but not least, from our customers. “
âAfter another corona-dominated year, we are of course very happy that we were able to sell one of our premium projects directly to Cologne Cathedral in the form of a futures contract. for the moment, but clearly shows that high-end products, like the Laurenz CarrÃ©, are still in demand and that we are still in a functioning market. After the acquisition by Corestate of our neighborhood development The Q in Nuremberg in In the summer of 2020, I am particularly happy to be able to continue the previous trusting and harmonious cooperation with Laurenz CarrÃ© â, underlined Marc K. Thiel, Member of the Board of Directors for Transactions at Gerchgroup AG.
With approximately 26,000 mÂ² of gross floor area, Laurenz CarrÃ© will be an ultra-modern and evolving urban district with a balanced mix of tenants and uses. The office space, which aims for LEED Gold certification, will comprise approximately 11,000 mÂ², while the commercial and catering space will cover more than 2,200 mÂ². In addition, there will be a 265-room hotel complex, slated to open in late 2023 under the name Radisson RED Cologne Hotel. The listed building of the former Senate hotel (south sub-project) will have 171 rooms and a new building (north sub-project) for 94 additional rooms. The internationally renowned operator has signed a 25-year lease. The new building of the north sub-project, whose delivery is scheduled for the end of 2024, will stand out for its direct location on the Domplatte with an unobstructed view of the cathedral and, in addition to the hotel, will offer modern office space that can be flexibly divided and will be one of the best addresses in Cologne. A green roof terrace as well as quality commercial and gastronomic spaces complete the package.
T: +49 69 3535630-136 / M: +49 162 2632369
Investor Relations Contact
Dr Kai Klinger
T: +49 69 3535630-106 / M: +49 162 1036025
About CORESTATE Capital Holding SA (CORESSTATE)
CORESTATE is an investment manager and co-investor with approximately â¬ 27 billion in assets under management. The company sees itself as a manager along 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, including the possibility of investing in large-scale societal trends such as urbanization, demographic changes or sustainability – of trends that will continue to have a decisive influence. on the long-term living and working environment. The constant focus on asset classes that will be successful over the long term is the cornerstone of the company’s strategy. At CORESTATE, all concepts are supported by ESG expertise unique in the industry. With some 850 experts, CORESTATE offers its clients and investors a full range of services and advice from a single source, from project financing and property management to sale. CORESTATE is listed on the Frankfurt Stock Exchange and operates as a respected business partner for institutional and semi-institutional investors as well as high net worth private investors in 11 European countries, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London. Please visit www.corestate-capital.com for more information.
This press release may contain certain forward-looking statements based on current assumptions and forecasts made by our management. Various risks, uncertainties and other known and unknown factors could cause the actual future results, financial condition, development or performance of the Company to differ materially and the estimates given here. These factors include those described in published reports. These reports are available on our website www.corestate-capital.com. The Company assumes no obligation to update these forward-looking statements or to conform them to future events or developments. No inappropriate meaning should be attached to forward-looking statements, which apply only as of the date of such communication.
21.12.2021 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG.
The sender is solely responsible for the content of this advertisement.
DGAP’s distribution services include regulatory announcements, financial / corporate news, and press releases.
Archives on www.dgap.de