EPI Walkabout Köln S.à r.l. & Co. KG, an entity of the EPI fund co-advised by AEW Europe and Tristan Capital Partners, has sold a redeveloped high street retail property in Cologne for approximately 25 million to Aachener Grundvermoegen Kapitalanlagegesellschaft mbH, representing a 4.7% yield.
The asset, located at 69/71 Hohe Strasse, has a total lettable area of around 1,800 m² following a comprehensive redevelopment and is let to fashion retailer Esprit on a 10- year lease.
Merrick Marshall, Executive Director of Asset Management at AEW Europe commented: "Working with our partner, PBG, we have successfully fulfilled our business strategy having acquired, redeveloped, let and then sold this prime asset. The sale price reflects the strong level of demand from investors for well-let property developed to high standards". PBG in Frankfurt and EPI Walkabout Köln S.à r.l. & Co. KG negotiated the sale and Clifford Chance advised on legal aspects.
EPI is a pan-European value added fund strategy which was closed to investors in 2004 after raising 769 million and the vehicle is now successfully in its disinvestment phase.