Sonar Real Estate (Sonar), acting on behalf of CCP 5 a fund managed by Tristan Capital Partners, has successfully completed the sale of the Neumarkt complex in Cologne. The purchaser is a capital investment company (KVG) structure, represented by real estate family office PAMERA Real Estate Partners GmbH (PAMERA). The purchase price is not disclosed.
The transaction comprises the fully let properties Neumarkt 35-37/Lungengasse 34-46, providing a total lettable area of c. 8,650m2, of which 55% is office and medical space, 23% retail and 19% storage. The main tenants are well-known companies including AllDent, Kreissparkasse Köln, REWE and dm. The buildings, constructed in 1962 on a 2,365m2 site, were extensively refurbished in 2023. The weighted average unexpired lease term (WALT) is 9.5 years.
Sonar will continue to act as asset manager of the property after the sale and will collaborate with PAMERA in the future.
Julian Kaup, Managing Director of Sonar Real Estate, explains: "Despite the challenging market environment, the full letting and extensive refurbishment significantly contributed to the value we, as asset managers, delivered for our client. This transaction highlights the outstanding expertise of our team in managing complex property disposals and demonstrates the continuing demand for diversified properties in prime locations."
The deal was brokered by Colliers in Cologne. Legal advice on the transaction was provided by Clifford Chance for the vendor, with Böttcher & Fischer Rechtsanwälte acting for the purchaser. WITTE Projektmanagement GmbH carried out the vendor technical due diligence, while ARGOS Projektmanagement GmbH undertook the technical due diligence for the purchaser. Tax due diligence for the purchaser was the responsibility of SRP Steuerberatungsgesellschaft, Cologne, PWC advised the vendor.
Image source - Sonar.
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