AEW has bought the One Cologne office building in Germany from Development Partner and Patron Capital.

The real estate asset manager said it bought the fully-let 15,600sqm asset located at Venloer Straße 151-153 in the centre of Cologne for an undisclosed sum.

Gereon Kohlgrüber, managing director and head of investment Germany at AEW, said: “One Cologne is a prime acquisition that is well located in a dynamic market with rising demand for modern office space.

“The strong tenant covenants, delivering long-term, bond-like secured rental income, and the quality of the property following its recent refurbishment is directly in line with the strategy of the mandate.”