DEGI invests €46.5 million for a building in Colognes inner city (DE)

DEGI Deutsche Gesellschaft für Immobilienfonds mbH has purchased a second property for its DEGI GLOBAL BUSINESS fund launched in November 2005, paying €46.5 million for the Kap am Südkai building in the south of Colognes inner city. Situated directly on the banks of the Rhine, the office building features eco-compatible low-energy construction and provides 12,410 m² of office space on ten floors, plus underground parking for 56 cars.

Completed at the end of 2004, over 80% of the building has already been let, with medium-term rental guarantees on file for the free areas. The principal tenants are KSP Engel & Zimmermann, AMB Generali Immobilien GmbH, BBE management consultants and the law firm BBH Becker Büttner Held Rae. The flexible concept adopted for the buildings structure also enables it to be let in small portions, since each storey can be divided up into as many as five rental units. The location is conveniently situated for public transport, and the A 559 autobahn is only two kilometres away. Kap am Südkai, Agrippinawerft 30, was designed by KSP Engel & Zimmermann and developed in conjunction with PRIMUS Development AG. Westdeutsche Immobilienbank was responsible for the financing as a joint-venture partner.

The property is located in the Rheinauhafen urban development area in Colognes City District, featuring the highest turnovers in Colognes office submarket, and the highest rentals as well. The property market in Cologne benefits from the citys heterogeneous economic structure. Last year, Colognes office property market achieved the highest area turnover of the last ten years, at 218.000 m².

Source: DEGI

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