Real estate investment and asset manager AEW has bought an office complex in Germany from Hausinvest, Commerz Real’s open-ended real estate fund.
AEW said the acquisition of the Siebenburgen office complex in Cologne was made on behalf of a separate account mandate for a pension fund which targets long-term core investments in Germany.
Financial details were undisclosed.
Siebenburgen, built in 1995 and 1997 respectively, comprises a total of 9,600sqm of which 91% let, with an average remaining lease term of over 12 years.
Tobias Schnurer, director of investment at AEW, said: “The acquisition of the Siebenburgen office complex reflects our confidence in the outlook for the office market in Cologne. The long-term lease agreement with the Max Planck Institute and the diversified occupier mix, as well as the opportunity for further value-enhancing asset management activities, present an attractive risk-return profile for this mandate.”
Commerz Real acquired the asset in 2019 from Generali Versicherung as part of a portfolio known as the Millennium Portfolio.
“With our active asset management we were able to realise the existing potential for value appreciation, with the effect that we have now taken advantage of the current positive market environment for the sale,” said Mario Schüttauf, fund manager for Hausinvest.
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