AEW acquires office asset in Cologne (DE)

AEW acquires office asset in Cologne (DE)

AEW, on behalf of the AEW City Office Germany fund, has acquired an office building on Siegburger Straße in Cologne from LOANCOS Group. AEW’s City Office Germany fund is primarily focussing on identifying properties offering value potential in either long-established or developing areas within Germany’s top 7 metropolitan cities. The purchase price was not disclosed.

 

The multi-tenant property, which offers c 8,600m² of modern office space, was built in 2008 and is almost fully let. The building is located in the Deutz port area of the city, which is currently undergoing a regeneration into a new city quarter as part of Cologne’s urban development plan.

 

Sebastian Grobe, Director of Acquisitions for AEW in Germany, said: "This office location on the right bank of the Rhine has transformed over recent years and is underpinned by Cologne’s wider fundamentals, such as its continuously decreasing vacancy level of below 4%, which makes it such an attractive market to invest in. Due to its accessibility and the quality of the location, we believe that the office market in Deutz has a positive momentum behind it that we are well-placed to capitalise on for this fund.”

 

Lars-Henning Pylla, Fund Manager of the AEW City Office Germany Fund, added: "Through this acquisition, we have added another German top-tier city to our portfolio and our aim remains on identifying further investment opportunities with asset management potential.”  

 

AEW was advised by Loschelder and Corevestis.

.

Related News