The Centralis Immobilien Gruppe continues its strategic portfolio scaling, having acquired two existing properties in Cologne city centre as part of a double transaction. The assets, located at Breslauer Platz 2 and Domstraße 10, were sold by a French insurance company. The objective is the comprehensive refurbishment and repositioning of the properties, previously used as conventional hotels, into serviced apartments with a total of 233 units.
Breslauer Platz 2, situated directly opposite Cologne Central Station, was previously home to the “Wyndham Köln” hotel. This location is earmarked for the creation of 134 serviced apartments, complemented by ground-floor gastronomic spaces. The planned rental area for this individual project totals approximately 4,900 square metres.
Not far away, at Domstraße 10, the former “TRYP Köln City Centre” hotel is to be converted. Here, 99 serviced apartments are planned, along with 15 on-site underground parking spaces for cars. The total rental area of this property amounts to approximately 2,700 square metres.
Partnerships for conversion and operation
Hospitality operator Bob W has been secured for the long-term management of both properties. Bob W will make the serviced apartments accessible to both business travellers and tourists. The general planning and structural implementation of the projects have been entrusted to apoprojekt as the Design & Build partner, based on previous successful collaborations with Centralis.
Dr. Fabian Vieregge, founder and CEO of Centralis, stated that this double transaction reflects the company's acquisition and growth strategy. The current buyer's market is being utilised to secure properties in German A-cities and develop them into modern, sustainable hospitality products. He highlighted the importance of trusted partnerships with digital hospitality operators and experts in existing property revitalisation, which, combined with in-house expertise, lead to sustainably positioned properties.
Felix Lorenz, Head of Investment at Centralis, pointed out that in a lengthy acquisition process, the company demonstrated its ability to integrate complex projects, from analysis to closing, across teams. He emphasised that Centralis is a reliable partner for sellers. Nina Grauting, Branch Manager Düsseldorf at apoprojekt, confirmed the trusted cooperation with Centralis on complex inner-city transformation projects and expressed delight at being commissioned again.
Herman de Beer, Vice President Real Estate at Bob W, highlighted the attractiveness of the Cologne hospitality market, especially the prominent location near Cologne Cathedral. He explained that in such a strong location and with an experienced partner like Centralis, the business model can be optimally implemented. Germany and the entire DACH region represent a clear priority for Bob W, and the new properties in Cologne are part of several planned new openings.
Transaction parties
- —Buyer: Centralis Immobilien Gruppe
- —Seller: French insurance company
- —Agents: JLL and Cushman & Wakefield in cooperation
- —General contractor: apoprojekt (Design & Build partner for general planning and structural implementation)
