Aberdeen Immobilien KAG has sold the Kap am Südkai office building in Cologne to the German investment manager Rreef. The asset was held by Aberdeen's Degi Global Business open-ended fund. Although the acquisition price was not disclosed, the property is believed to be valued at around EUR 50 mln.
Aberdeen Immobilien KAG has sold the Kap am Südkai office building in Cologne to the German investment manager Rreef. The asset was held by Aberdeen's Degi Global Business open-ended fund. Although the acquisition price was not disclosed, the property is believed to be valued at around EUR 50 mln.
Developed in 2004, the scheme offers nearly 12,500 m2 office space and its disposal by Aberdeen comes shortly after the successful extension of the rental contracts with tenants as well as the signing of new leases. These include some 2,000 m2 let to solar thermal power technology firm Flagsol, which will use the property as its new headquarters in the city.
Aberdeen was advised by Jones Lang LaSalle.
