Patron Capital and INBRIGHT have purchased a property in Cologne as part of their investment program to create a portfolio of light industrial assets in Germany. The portfolio's total worth is expected to be at least €250m.
The property was bought from MURA Deutschland GmbH for an undisclosed amount and consists of a warehouse and office area of 14,000m2 located at Max-Planck-Strasse 35 in Cologne Marsdorf - a thriving commercial and retail hub located in the western part of Cologne, well-connected via the A1 and A4 motorways, as well as having strong public transport links. The property is spread over a site of over 13,000m2 and comprises manufacturing, production, service, and storage areas.
INBRIGHT will take over the asset management of the multi-let property, which will be progressively upgraded in terms of the building shell, technology, and fit-out over the coming years. Patron and INBRIGHT will follow an environmental, social, and governance (ESG) criteria-based "transform-to-green" strategy, developing the site in line with comprehensive ESG criteria.
Christoph Ignaczak, Senior Partner and Investment Director at Patron Capital, said: “This deal in the Marsdorf area of Cologne reflects our strategy of making targeted investments to create modern light industrial schemes in future-proofed locations. In addition to robust income from a diversified tenant base, this scheme offers an opportunity to create value through sustainable refurbishment, which we will pursue together with our partners at INBRIGHT.”
Sebastian Pijnenburg, Managing Director of INBRIGHT Development, said: “Amid ongoing challenges in the German real estate market, we’re pleased to have successfully completed this purchase in Cologne, one of Germany’s top seven cities. This deal highlights that transactions are still happening, particularly in the light industrial sector, where many companies are choosing to sell their buildings rather than taking on the modernisation programmes required to meet today’s sustainability standards.”
The purchase was brokered by Greif & Contzen, KVL Bauconsult, NOERR, Samp Schilling & Partner, Landplus and Agradblue acted as consultants to the purchaser, and Oppenhoff acted as legal consultant to the seller.
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