Cresco Capital Group purchases in Cologne and Hamburg
Project development volume of around 200 million euros
London, February 6, 2017 – Cresco Capital Group acquired two properties in central locations in the German cities of Hamburg and Cologne. The development volume of the two projects is a total of around 200 million euros.
The object in Hamburg is located at Rödingsmarkt 19, 21-25, 27 / Steinwiete 11 and thus in the middle of the Old Town. The property, built in 1898, has a gross floor area of around 13,000 m2, due to the central location, the property is very well connected to public transport.
In Cologne, Cresco Capital Group acquired a fully rented office building with a gross floor space of approximately 35,000 m2. The property is located at Franz-Geuer-Straße 10 in the
District of Ehrenfeld. The district is one of the best locations in Cologne.
“With the acquisition of these two properties, we are demonstrating our interest in purchasing large-scale projects in German A-cities in order to provide our investors with project developments in various asset classes, “said Daniel Schuldig, Managing Partner of Cresco Capital Group.
Especially in Berlin, the real estate investor and developer has already completed successfully projects. These include, among other things, the conceptualization and development of the exclusive hotel Soho House Berlin. In July 2016, after six months subscription period, Cresco Capital Group also announced the first closing of their CCG Fund 1 – in total, Cresco raised 110 million euros.
The CCG Fund 1 will mainly invest in project developments in the housing market.