HIH Real Estate has handed over the second construction phase to the city of Cologne after extensive conversion work on the former office building at Aachener Straße 744-750 into a high school. Following the final acceptance by the building supervisory authority on March 31, 2023, the new grammar school in the Müngersdorf district is thus completely finished. After the Easter vacations, the school will be able to use all classrooms and common rooms.
The building application for the conversion of the approximately 19,000-square-meter former Unitymedia headquarters in the immediate vicinity of the Rheinenergie Stadium was submitted in September 2021 and approved by the city on December 14, 2021. HIH Real Estate had the building, which dates back to 1998, extensively remodeled for school operations. The former office floors were divided into classrooms and common areas, stairways were widened and break areas were created. In addition, a new ventilation system and elaborate fire protection and soundproofing technology were installed. Since September 1, 2022, the city has leased the rooms for 30 years. School operations began with an initial four classes on Oct. 1, 2022, in the space occupied by the first construction phase.
Carolin Brandt, Head of Department Asset Management Region East/West at HIH Real Estate, comments on the rezoning of the property: “The conversion of the former Unitymedia headquarters into a school building is a prime example of what asset management can achieve. Such a change of use is challenging in planning and implementation, but rewarding in many ways.”
The property is part of a closed-end fund managed by HIH Invest Real Estate for the Kirchliche Zusatzversorgungskasse des Verbandes der Diözesen Deutschlands (KZVK). Alexander Eggert, Managing Director of HIH Invest, says: “For the property, we have secured a long-term use with reliable rental income for KZVK. In addition, we were able to offer suitable premises to the city of Cologne, which is urgently looking for suitable existing properties due to the high demand for additional school places.”
