The family-owned company, THE FLAG, has purchased an office building in the university city of Cologne. It is slated to be converted into apartments for students and young professionals. The office and administration building located at Neusser Straße 159 in Cologne was built in 1980 and has served as the administrative headquarters for the General Customs Directorate and the Federal Office for the Protection of the Constitution.

Dr. Eike Muhr, CEO of THE FLAG, explains that the building's location is ideal for the company's student living concept: "The University of Cologne, for example, can be reached by public transportation in just 20 minutes." Muhr also emphasizes that due to its structure and condition, the building can be environmentally renovated rather than demolished. The company plans to create more than 125 apartments for its Student & Young Professionals business field in a central urban location.

The seven-story building has an above-ground gross floor area of 5,485 square meters, a plot size of 1,186 square meters, and features 30 parking spaces. The seller is Nestlé Pensionskasse Grundstücksgesellschaft & Co OHG. The purchase price has been kept confidential.