Leverkusen, 28.03.2022 – Cube Real Estate has sold the intergenerational residential quarter Cube Curve 468 in Cologne-Kalk to Aberdeen Standard Investments Deutschland AG in a forward deal. The German unit of the abrdn Group is acquiring the project for the Aberdeen Standard Pan European Residential Property Fund (ASPER). The property with around 7,400 m² of residential and usable space is expected to be completed in 2024. The parties have agreed not to disclose the purchase price.

With Cube Curve 468, regular multi-storey apartments, compact apartments and senior apartments are being built in Kasernenstrasse in almost equal proportions. In addition to the 163 residential units, the quarter also includes small commercial spaces, including a kiosk, and a daycare center. As part of the planned sustainability concept, the property will be supplied with sustainable heat and electricity by Cube Easy-E, a subsidiary of Cube Real Estate, by means of contracting.

Tilman Gartmeier, founder and CEO of Cube Real Estate, says: “Cologne’s Kalk district has become much more attractive in recent years and the market continues to develop dynamically. Cube Curve 468 enriches the district with residential offers for young and old. The early sale to a renowned investor speaks for the quality of the project and the location.”

Jean-Marc Fey, Head of Acquisitions & Sales and Project Management at Cube Real Estate, adds: “Neighborhoods like Cube Curve 468 are in high demand. Investors appreciate the great resilience of the property thanks to the high proportion of apartments and the long-term mix of uses.”

Marc Pamin, Member of the Management Board of Aberdeen Standard Investments Deutschland AG: “We are acquiring Cube Curve 468 as part of the planned expansion of the German portion of the ASPER portfolio. The project meets the demand for high-quality inner-city living and at the same time meets our high standards of sustainability in construction and, due to the very heterogeneous mix of apartments, the required social standards in particular. We are already working on further investment opportunities in Germany.” Cube Curve 468 is being built in the Kalk district of Cologne on the right bank of the Rhine. Nearby bus stops on various bus routes and the Kalk Kapelle subway station around 400 meters away ensure good public transport connections. Cologne Central Station and Cologne-Mülheim Station are also within easy reach. The nearby Köln-Ost highway junction is an important hub for long-distance traffic. There are several shopping, leisure and entertainment venues as well as various local suppliers in the immediate vicinity of the building plot. The Technical University of Cologne, the Köln Arkaden in Kalk and the district center of Kalk can also be reached on foot or by bike in just a few minutes.

Cube Real Estate was advised on the transaction by Jones Lang LaSalle, Loschelder Rechtsanwälte (legal) and Ecovis KSO (tax).

abrdn received legal support for the acquisition from GSK and technical support from CBRE.