French asset manager Advenis Investment Managers has announced the acquisition of an office building in Cologne for €20 mln in a joint venture with local partner Inovalis REIT.
French asset manager Advenis Investment Managers has announced the acquisition of an office building in Cologne for €20 mln in a joint venture with local partner Inovalis REIT.
The asset was acquired on behalf of Advenis' Eurovalys SCPI investment fund, which holds a 51% stake in the building, while partner Inovalis owns the remaining 49% share.
The building at Aachener Strasse 1044 provides 6,000 m2 on five storeys as well as 111 parking spaces. Delivered in 2015, it is fully leased to Cofely GDF Suez with an average remaining lease length of over 10 years.
Eurovalys was launched earlier this year and focuses on commercial real estate assets in Germany.
