The Cologne-based multi-family office for real estate assets DERECO has sold a newly developed apartment complex to an institutional investor. The building features 32 accessible flats and a REWE store covering approx. 3,000 sqm of retail space.

The “Eschbach Karree” development is built along Kalbacher Strasse. It’s conveniently connected to central Bad Homburg and Frankfurt. In 2015, DERECO had secured the property by a forward deal with a project development entity of Schoofs Immobilien GmbH. The turnkey estate was transferred in the year 2018. The 32 apartments, unlet until then, were marketed and let under DERECO’s asset management mandate.

The TaylorWessing lawyers of Berlin provided legal services for DERECO during the transaction process. IAM Immobilien Asset Management provided agency services.

The parties involved agreed not to disclose the selling price.

“The sale was motivated by a strategy switch from core to value-add within our portfolio. By selling the property, we are receiving a cash inflow that’s substantially higher than originally expected,” says Tassu Degen, DERECO’s Managing Director.

For further purchases, DERECO is looking for existing buildings and land likely to grow in value. In this context, DERECO’s preferred categories of real estate are offices, housing, retail and hotels. In addition, DERECO is searching for land to develop. Investment volumes range between at least €20m for individual properties and up to €500m for large-scale developments of new neighbourhoods. Besides premium locations, prospering cities and conurbations with a population of at least 250,000 are being considered.


Press contact:

DERECO Holding GmbH
Mr Pedro Garcia
Phone: +49 221-280 535-0
Fax: +49 221-280 535-11
E-mail: p.garcia@dereco.de