The Centralis Immobilien Group is continuing its strategic portfolio scaling in a targeted manner and has acquired two existing properties in a prime inner-city location at Cologne's main railway station (Breslauer Platz 2 and Domstraße 10) in a double transaction. The seller is a French insurance company. The existing buildings, which have so far been used as classic hotels, are to be completely renovated and repositioned as modern serviced apartments with a total of 233 units.
Former hotels in prime locations will be given a contemporary hospitality use
The existing property at Breslauer Platz 2 is located directly opposite Cologne Central Station. The property was formerly operated as a classic hotel under the "Wyndham Köln" brand. At this location, 134 serviced apartments are to be built along with gastronomic space on the ground floor. In total, this individual project comprises a planned rental area of approx. 4,900 square metres.
Not far away at Domstraße 10 is the former hotel "TRYP Köln City Centre". The conversion is to offer space for 99 serviced apartments as well as 15 in-house underground parking spaces for cars. The total rental area amounts to approx. 2,700 square metres.
Bob W as long-term operator of both assets
Parallel to the acquisition success, an experienced partner at operator level could also be directly connected: Bob W, an award-winning, digital and AI-supported hospitality operator, will manage both hotels in the long term and make them accessible to both business travellers and tourists.
apoprojekt becomes general contractor
As with previous successful projects, Centralis has also commissioned apoprojekt as a design & build partner for the general planning and structural implementation for these two projects. apoprojekt has a proven track record and extensive in-house expertise in the revitalisation of existing buildings and especially modern hospitality concepts.
JLL and Cushman & Wakefield acted as agents in cooperation with the transaction.
Comments on the purchase
Dr. Fabian Vieregge, founder and CEO of Centralis:
"This double whammy is typical of our proven acquisition and growth strategy. We are using the current buyer market to secure properties in prime locations in German A cities, which we will then develop into modern and sustainable hospitality products. In doing so, we benefit from trusting partnerships with the strongest digital hospitality operators as well as proven experts for construction tasks in existing buildings and, last but not least, in-house development and conversion expertise. This creates sustainable and future-proof newly positioned properties for investors, operators, guests and (inner) cities."
Felix Lorenz, Head of Investment at Centralis:
"In a lengthy acquisition process, we showed how we analyze complex projects from inventory and potential analysis to planned transformation across teams and gradually integrate them into the process up to closing. Last but not least, we are also a reliable partner for sellers who go through this part of the process together with us."
Herman de Beer, Vice President Real Estate at Bob W:
"Cologne is one of the most sought-after hospitality markets in Europe, and the direct location at the city's most prominent landmark – Cologne Cathedral – is simply unique. With such a strong location and with an experienced partner like Centralis, we can optimally implement our business model. Germany and the entire DACH region are a clear priority for us, and the new stores in Cologne are one of several new openings we are planning."
Nina Grauting, Düsseldorf Branch Manager at apoprojekt:
"We know and appreciate Centralis as a reliable partner for complex inner-city transformation projects. The renewed commission is an expression of our trusting cooperation. We look forward to realizing the two projects together in a prime location in Cologne."
