|Share Convalor||50 %|
|Residential space in sqm||42.000|
Together with the real estate company Stefan Frey AG CONVALOR has acquired a property of about 80,000 sqm located centrally in Porz, a borough of Cologne. It is here where 379 residential units were being built since 2006 in single and multi family houses in a residential development named "Physikersiedlung“.
In renovated buildings as well as new buildings the "Physikersiedlung” has offered homes at reasonable purchase prices especially to young families. The new buildings feature high energy efficiency and low CO2 emissions and hereby entitle to public funding. Modern town houses were sold already from EUR 180,000, freehold apartments from EUR 99,000.
The investment volume was around EUR 67.8 million.