Italy’s IdeA FIMIT has sold a Cologne office to JP Morgan Asset Management’s Proximus Real Estate.
The Italian asset manager, part of the De Agostini group, sold the building on behalf of a closed-end real estate fund.
IdeA FIMIT, an Italian fund manager, or SGR (Società di Gestione del Risparmio), sold the portfolio to Proximus for an undisclosed amount.
The 35,000sqm asset, which includes three adjacent sections, is let to Deutsche Bank and two international banking firms.
The Unter Sachsenhausen, built between 1894 and 1897 for the Reichsbank, has previously been occupied by the Landeszentralbank.
Earlier this year, IdeA FIMIT sold a Milan office building, Palazzo Broggi, to China’s Fosun Property for around €345m.
IDeA Fimit had owned the asset since 2008.