Cresco Immobilien Verwaltungs GmbH (CIV) is taking over the management of a PBSA (Purpose-Built Student Accommodation) property in Cologne. With the management mandate, the portfolio managed by CIV will grow to over 2,200 units throughout Germany. CIV is part of the Cresco Real Estate Group, an owner-managed real estate group.
The client and new owner of the property is BGO, which recently acquired the former Quartillion Cologne from TREI Real Estate. The property is located in the popular student district of Cologne-Ehrenfeld at Melatengürtel 113-115 and comprises 153 units.
As part of the realignment, the building will be operated by CIV under the name “K115 by Neon Wood” in the future. With this mandate, CIV is responsible for both technical and commercial operations. The aim is to achieve sustainable stabilisation and strategic development in Cologne’s dynamic residential market.
The property will be connected to CIV’s successful PBSA platform Neon Wood and thus benefit from the strong market positioning as well as the digital and automated processes. This also applies to renting to users: CIV concludes 95 percent of all rental contracts via its own platform.
CIV is continuously expanding with Neon Wood. In doing so, it works with project developers and portfolio holders both within the framework of management contracts and in the role of tenant. Most recently, the company expanded its portfolio to include the “TÜ3 by Neon Wood” in Tübingen.
“With the K115 by Neon Wood, we are repositioning an established PBSA asset into a long-term profitable investment. We are particularly pleased to have gained BGO, one of the world’s most renowned and experienced investment managers. The combination of institutional ownership structure and our operational platform creates the basis for sustainable positive performance,” says Angelo Justin Heyneck, Managing Director at Cresco Immobilien Verwaltungs GmbH.
