Hemsö and ARE develop municipal school in Cologne
Hemsö and ARE have entered into a joint venture to develop a new municipal school in central Cologne. The school will have a lettable area of 23,000 square meters, accommodating 1,000 students aged 11 to 18. A 25-year lease agreement has been signed with the City of Cologne. The investment amounts to EUR 160 million.Hemsö has entered a joint venture with Austrian Real Estate (ARE), a wholly owned subsidiary of the real estate company Bundesimmobiliengesellschaft (BIG), which is fully owned by the Austrian state. The school in Cologne is the companies’ first joint development project.