International investor AEW has acquired a prime mixed-use asset in the centre of Cologne through a forward-funding agreement with a development partner.
The project, Haus Am Rudolfplatz, was bought on behalf of a German insurance group for an undisclosed amount.
Designed by renowned architect Max Dudler, it will comprise a total of 8,852 m2 and is expected to complete in spring 2022. It will include 5,789 m2 of Grade A office space and 2,773 m2 of retail or food and beverage space, as well as storage facilities and 34 underground car parking spaces, over a total of eight floors. It is located at the heart of Cologne’s old town next to the historical Hahnentor.
Tobias Schnurer, director of investment at AEW, commented: ‘This property will be designed to the very highest specification and, upon completion, we believe it will be one of the most desirable office locations in Cologne. 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.’
AEW was advised by Heuking Kühn Lüer Wojtek. The seller was advised by Noerr and JLL.
