Swiss Life Asset Managers acquires Cologne neighborhood development for €241m

Swiss Life Asset Managers and its subsidiary Corpus Sireo have acquired the “Cologneo II” district mixed-use development in Cologne, Germany, for €241 million ($273 million).

The seller was CG Group AG company.

The newly acquired property will become part of a real estate special fund (AIF) of Swiss Life Kapitalverwaltungsgesellschaft mbH (Swiss Life KVG).

“This purchase offers our investors an excellent opportunity to participate in this pioneering project for the city of Cologne,” said Bernhard Berg, CEO of Corpus Sireo Real Estate. “The Cologneo is a successful example of the transformation of former industrial sites into sustainable, dense residential and service areas. The project offers a convincing mix of living, working and leisure and combines modern architecture with living comfort and the industrial roots of the area.”

The project, located in the district of Mülheim on the right bank of the Rhine, consists of six  five- to seven