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Corporate News | Press Release Vienna, 6 November 2012

IMMOFINANZ Group celebrates topping-out ceremony in Gerling Quartier

Just two months after the complete takeover of the Gerling Quartier development project in Cologne, the new sole owner IMMOFINANZ Group set an important milestone by completing 40% of the building shells. That was reason enough to celebrate this intermediate goal with a topping-out ceremony.

Together with Colognes Lord Mayor Jrgen Roters, the managers celebrated the occasion with a festive ceremony. Roters was impressed with the progress on this project as well as the aesthetics and architectonic design of the quarter: As one of the largest inner city development projects in Germany, the Gerling Quartier is extremely important for Cologne. In particular, the blending of historical and modern architecture into an entirely new style makes the Gerling Quartier unique, explained the Lord Mayor.

When we took over the Gerling Quartier in September, we announced that we would do everything possible to realise this project quickly and successfully. Todays topping-out ceremony for the first three building shells demonstrates to the city of Cologne and its residents that we keep our word, commented Eduard Zehetner, CEO of IMMOFINANZ Group. Construction will now continue without interruption. The topping-out ceremony is only a short breather - it gives the many participants and stakeholders from the company, politics and administration an opportunity to take a look at our ambitious project and to visualise the new Gerling Quartier.

Memorable and characteristic The Gerling Quartier will become an independent Veedel (district) in Cologne. This fusion of tradition and modern, the convergence of Mediterranean atmosphere and international architecture create a distinct atmosphere and will have a significant influence on the cityscape of Cologne. The transformation of the Gerling property is something like the birth of a new city within the existing metropolitan area. For us as planners, an extremely complex process that is, at the same time, fascinating and exhilarating when design issues touch so many lives and move this much city. The first shells make it easier to see the huge potential of this new urban quarter, explained Johannes Kister from the architects firm kister scheithauer gross and master planner of the Gerling Quartier.

Full-speed work on the first stage of construction IMMOFINANZ Group plans to realise a total of 15 buildings in two phases in the Gerling Quartier. Construction on the first stage is currently proceeding at full speed. Five residential and five commercial properties are scheduled for completion by autumn 2014, and the first buildings should be finished at the end of 2013. For this reason, IMMOFINANZ Group has substantially accelerated work at this most spectacular construction site in Cologne. Nearly 140 workers are ensuring the fast and smooth progress of construction on the individual properties: for example, the core of the Gerling-Hochhaus, the highly visible landmark of this former corporate headquarters, was recently removed with a 65 metre crane.

Growing interest in residential space in the Gerling Quartier The activity at the construction site has triggered a strong rise in the interest of potential apartment buyers. Although marketing is only scheduled to start in December, reservations have already been received for 100 apartments in Haus Gerling. This property is currently being restructured: it will have 43 apartments with recessed balconies and, starting at the sixth floor, a view of Cologne Cathedral. Pre-sale commitments for space in the first stage of construction have already exceeded 40%.

Start of preparations for second-phase projects The second stage of construction will comprise five further projects. IMMOFINANZ Group is currently evaluating all plans with a view to the intended use and realisation. This process will be concluded by the end of 2012, and construction on the first buildings should start next year. However, the actual start, above all for the commercial properties, is dependent on pre-sales and pre-leasing.

The costs to complete the Gerling Quartier are estimated at approx. EUR 213 million and will be provided by IMMOFINANZ Group as the investor and Sparkasse KlnBonn as the financing bank. The total investment for the largest project currently under development by IMMOFINANZ Group will total nearly EUR 400 million.

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