DEUTZ AG sells its Cologne-Deutz site
5 May 2017
Today, DEUTZ AG has sold the land occupied by its former Cologne-Deutz site to the Düs- seldorf-based project developer GERCHGROUP. DEUTZ had announced its intention to sell the site back in mid-February.
The premises in Cologne-Deutz, which cover an area of around 160,000 square metres, are no longer required following the site's relocation to Cologne-Porz. GERCHGROUP in- tends to redevelop this former industrial site, which is close to the Rhine, to create a new city district with a high proportion of housing.
DEUTZ expects to receive a sum around €125 million as purchase consideration this year. Depending on completion of the ongoing planning process, DEUTZ anticipates a further, final instalment of the purchase consideration in the coming years. The exact amount is not yet known and, provided the planning application is successful, will reach into the mid dou- ble-digit million euros. In the current year DEUTZ expects this transaction to deliver a posi- tive contribution to earnings in the high double-digit million euros (after taxes) that will be recognised as an exceptional item.
Source: DEUTZ AG