AEW has bought a mixed-use asset in Cologne on behalf of a German insurance group.
The manager is buying the Haus Am Rudolfplatz project in a forward funding agreement with Development Partner. Financial details were undisclosed.
The 8,852sqm project, located at the heart of Cologne’s old town next to the historical Hahnentor, is expected to complete in spring 2022.
Haus Am Rudolfplatz will offer 5,789sqm of office space and 2,773sqm of retail or food and beverage space, as well as storage facilities and 34 underground car parking spaces, over a total of 8 floors.
Tobias Schnurer, director of investment at AEW, said: “The occupier appetite for the project is strong, with a high pre-let ratio at this stage of construction. We are confident that this investment will deliver a long term sustainable return for our client.”
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