Cologne: Cube Real Estate acquires “Irishöfe” from Circle
Cube Real Estate and Pegasus Capital Partners have acquired the “Irishöfe” project, located at Kasernenstraße 2 in Cologne’s Kalk district, in a share deal. TD has learned from market insiders that the seller is Circle Development in Cologne, which had already seen the project to its zoning ordinance, together with the Cologne architectural firm Dewey Muller Partnerschaft. According to plans, Cube Real Estate will create around 140 residential units with around 6,700 sqm of living space, including micro-apartments and apartments for senior citizens, families, and singles on the 6,300 sqm plot, as well as a daycare center. Project volume amounts to around €45mn; completion is scheduled for the summer of 2021. The Erlangen-based mezzanine specialist Pegasus Capital Partners is acting as financing partner and strategic advisor. JLL advised for the transaction.
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