Quantum Immobilien AG and PROXIMUS Real Estate GmbH agreed to acquire Friesenquartier in Cologne and second section of Gerling Quartier in Cologne from Immofinanz AG (WBAG:IIA) on January 31, 2017. The transaction includes a forward purchase agreement for the hotel in Cologne's Gerling Quartier. The purchase of Friesenquartier is expected to close in the second quarter of 2017 and the purchase of the hotel in Gerling Quartier is expected to close in 2018. As of July 24, 2017, Immofinanz AG finalised the full sale of the Gerling Quartier in Cologne to Quantum Immobilien AG and PROXIMUS Real Estate GmbH. In addition, Quantum and PROXIMUS will purchase a currently unused commercial property at Hohenzollernring 62 in Cologne. The closing is expected to take place by year-end 2017.