Hamburg Commercial Bank is providing the Swiss East Guardian Asset Management AG with €95m for the purchase of two commercial properties in Cologne. The parties have agreed not to disclose the purchase price. The assets are two mixed-use properties built in 1997 and 1950 on the former production site of the "4711-Perfume" in Cologne-Ehrenfeld.
The two multi-tenant properties acquired by East Guardian comprise nearly 50,000m², of which around 26,000m² are used as office and storage space, 9,000m² as living space and around 15,000m² for retail. The retail space is almost fully let on a long-term basis to companies with good solvency, with Kaufland being the anchor tenant. The scheme, which enjoys easy access to public and private transport, also benefits from an underground parking facility for 1000 vehicles.
Erik Wigertz, CEO of East Guardian Asset Management AG, said: "A glance at history on the site, as a production plant for the famous 'Eau de Cologne', makes this deal something special. Hamburg Commercial Bank has known the district for years and has been at our side at all times with its comprehensive know-how".
Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank, said: "With East Guardian, we have gained an experienced investor as a new client for our bank and we are looking forward to good cooperation. The ‘Kolnisch Quartier’ has developed magnificently over the past few years and is very much sought after. Not least thanks to good infrastructure, shopping facilities, kindergarten and doctors, Ehrenfeld has become an attractive place to live and work."
