Real estate asset manager AEW has bought a mixed-use building in Germany from Indigo Invest.
AEW said it bought the 8,200sqm office led mixed-use building on Neumarkt in Cologne on behalf of its City Office Germany Fund for an undisclosed sum.
The fund targets office properties with the potential to create further value in established and developing areas across Germany’s top six cities.
Matthieu Samaran, a director of AEW’s Düsseldorf investment team, said: “The prominent location of NovoM in the “Domstadt” makes this an attractive investment.
“Furthermore, the balanced multi-tenant structure of the asset, flexible floor plans and high quality space are aligned to the investment criteria for this fund.”
Lars-Henning Pylla, fund manager of AEW City Office Germany, said: “The Cologne real estate market has continued to strengthen over the past few years, which is reflected in the current rental and vacancy levels.
“Having already acquired a similar asset for the AEW City office Germany Fund in Deutz on the right side of the Rhine in 2018, we are pleased to complete the fund portfolio with this inner-city property.”
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