Bonava sells 176 rental apartments in Germany

Bonava has plans to sell 176 rental apartments in Cologne, Germany, to a fund of Bayer pension schemes.

In addition, production of 38 homes for consumers is being started in the same neighborhood.

“In Cologne, we are starting a major cash flow–generating project thanks to our ability to switch from a consumer project to an investment project,” said Peter Wallin, president and CEO of Bonava.

Cologne is currently one of the regions with the highest levels of activity. In the Simonsveedel area, Bonava is creating a neighborhood containing approximately 290 housing units across six multifamily buildings with 166 associated parking spaces in two underground garages. Simonsveedel is an attractive location, with proximity to public transport, preschools, doctor’s surgeries, pharmacies and supermarkets. The neighborhood will be part of the sharing economy, with options such as car and bicycle sharing. It is estimated that completion of the project and recognition in profit will occur in 2025.