The real estate asset management company CRE Resolution GmbH, a subsidiary of the listed company Colonia Real Estate AG (ISIN: DE0006338007), takes over the Dusseldorf based COVER Projektentwicklung GmbH ("COVER"). In the way of the merger the CRE Group expands its business with further important areas of operations, project development and corporate real estate. The purchase price of this transaction was agreed to be undisclosed.
The founder and CEO of COVER, Dr. Conzen, will be addressed as from July 1, 2008 as managing partner of CRE Resolution. Mr. Conzen in line with his team consisting of seven people is a specialist for project development and refurbishment in the field of the office, retail and logistic industry. Furthermore, a second main pillar is consultancy in the field of corporate real estate. Cover, as an independent company, is a result from a managing buy-out with the RAG Group (today's Evonik AG). CRE Resolution assumes a distinct progression of refurbishment projects within the scope of the asset management for third parties as well as new mandates in the field of contract development. Through this merger the capacity of the CRE Group in this area of business is going to be enhanced effectively and sustainably. Its positioning within the German real estate market will be enforced, overall.
"With the takeover of COVER Projecktentwicklung GmbH we face the clearly increased demand of our clients for asset management concerning developmental and refurbishment projects. Simultaneously, we succeed the access in the growing segment of corporate real estate which makes new potential customers in medium-scale companies accessible. Hence, the team and the know-how of COVER display a logical, strategic extension of our value chain within the sector real estate asset management", said Christoph Wittkop, board of directors' member of Colonia Real Estate AG and spokesman of the management of CRE Resolution GmbH.
"The CRE Group is the desired strong partner for the expansion of our project development business. In order to reach sustainable enhancement in value of real estate inventory, the modernization and repositioning of already existing premises is a crucial precondition. In this segment our team has long lasting experience and a grown network. Our intention is to jointly realize the latter mentioned issues", explained Dr. Georg Conzen.
Successful objects of reference of COVER are amongst others the recently completed and sold projects "Loft 12" as well as the Karlstadt-Carrée in Dusseldorf, jointly with the Dusseldorf based Kai 18 company.
About Cover Projektentwicklung GmbH As a result of various large real estate projects in Nordrhein-Westphalia COVER belongs to one of the most successful regional project development corporations. The main pillar of their business is also prospectively the development of commercial property as well as corporate real estate management. Through this merger the so far regional focus will be gradually enlarged into the most important real estate areas in Germany. The company will be located in Dusseldorf, so that the regional presence of CRE Resolution is going to be invigorated in this area, too.
The founder and CEO of COVER, Dr. Conzen, will be addressed as from July 1, 2008 as managing partner of CRE Resolution. Mr. Conzen in line with his team consisting of seven people is a specialist for project development and refurbishment in the field of the office, retail and logistic industry. Furthermore, a second main pillar is consultancy in the field of corporate real estate. Cover, as an independent company, is a result from a managing buy-out with the RAG Group (today's Evonik AG). CRE Resolution assumes a distinct progression of refurbishment projects within the scope of the asset management for third parties as well as new mandates in the field of contract development. Through this merger the capacity of the CRE Group in this area of business is going to be enhanced effectively and sustainably. Its positioning within the German real estate market will be enforced, overall.
"With the takeover of COVER Projecktentwicklung GmbH we face the clearly increased demand of our clients for asset management concerning developmental and refurbishment projects. Simultaneously, we succeed the access in the growing segment of corporate real estate which makes new potential customers in medium-scale companies accessible. Hence, the team and the know-how of COVER display a logical, strategic extension of our value chain within the sector real estate asset management", said Christoph Wittkop, board of directors' member of Colonia Real Estate AG and spokesman of the management of CRE Resolution GmbH.
"The CRE Group is the desired strong partner for the expansion of our project development business. In order to reach sustainable enhancement in value of real estate inventory, the modernization and repositioning of already existing premises is a crucial precondition. In this segment our team has long lasting experience and a grown network. Our intention is to jointly realize the latter mentioned issues", explained Dr. Georg Conzen.
Successful objects of reference of COVER are amongst others the recently completed and sold projects "Loft 12" as well as the Karlstadt-Carrée in Dusseldorf, jointly with the Dusseldorf based Kai 18 company.
About Cover Projektentwicklung GmbH As a result of various large real estate projects in Nordrhein-Westphalia COVER belongs to one of the most successful regional project development corporations. The main pillar of their business is also prospectively the development of commercial property as well as corporate real estate management. Through this merger the so far regional focus will be gradually enlarged into the most important real estate areas in Germany. The company will be located in Dusseldorf, so that the regional presence of CRE Resolution is going to be invigorated in this area, too.
