AEW has acquired the landmark office building One Cologne, which is located at Venloer Straße 151-153 in the centre of Cologne, Germany. The asset was purchased from Development Partner (Gateway Real Estate) and Patron Capital on behalf of a French institutional investor. The purchase price was not disclosed.
The property comprises 15,600m² of high-quality office space over 13 floors, with two roof terraces and basement parking for 253 cars. A full refurbishment was completed in 2019, and AEW has acquired the space fully let to four tenants including Deutsche Lufthansa and Stadt Koln with a WAULT of 16.2 years.
Located at the intersection of two major arterial routes in Cologne’s CBD, the property benefits from transport links via rail and road. With a population of over 1 million, Cologne is Germany’s fourth most populous city and has a growing GDP.
Gereon Kohlgruber, Managing Director and Head of Investment Germany at AEW, said: “One Cologne is a prime acquisition that is well located in a dynamic market with rising demand for modern office space. The strong tenant covenants, delivering long-term, bond-like secured rental income, and the quality of the property following its recent refurbishment is directly in line with the strategy of the mandate.”