TPG Real Estate Partners has sold three properties located in TechnologiePark, an office park in Cologne, Germany, to DIC Asset AG for a total of €267m. The properties sold include the Forum, New Technology Center (NTZ), and Office Center West (OCW).
Together, the three office properties comprise 60,000m² of total rental area across Ehrenfeld, one of Cologne’s most popular office districts with more than 300 companies and 6,000 employees. The properties are situated close to the Cologne Central Station, Cologne City Forest, and A1 highway, with nearby restaurants and supermarkets. The Forum, NTZ, and OCW serve a prominent group of primarily public sector tenants with long-term rental agreements. The Mercedes-Benz Center is a hybrid-use asset that is currently leased to long-term tenant Daimler AG.
“We invested in TechnologiePark because of the quality of the properties and our view of Cologne as an accessible and growing city,” said Michael Abel, Partner at TREP. “Over the course of our ownership, we have implemented operational and asset management initiatives to help retain and attract the properties’ strong tenant base. We are confident the properties will continue to prosper under DIC’s management and look forward to supporting the remainder of the TechnologiePark portfolio.”
