Dear Gang,
i do agree with Geyerfalck's interpretation and partially with Larry.
So - just a guess of mine: If it is a capital K and "Köll" an abbreviation, why not talking about "Fliegergruppe Kölleda"? By searching the i-net i've found this:
http://www.luftzeugamt-koelleda.de/main/
Please feel free to have a look in as well.
Best Regards
Norbert