Global investment manager AEW has agreed to acquire Grand Slam, a multi-let office complex in the centre of Cologne, Germany.
The asset was acquired on behalf of one of AEW’s funds from Swiss Life Asset Managers.
Financial details were not disclosed.
Grand Slam, which comprises 8,000 m2 over two buildings, was extensively refurbished in 2022 whilst retaining the building’s listed façade and staircase, and is DGNB Gold pre-certified.
The refurbishment included the installation of building control technology, along with ventilation and cooling for optimised energy efficiency. The e-charging infrastructure has been extensively expanded and 70 bicycle parking spaces were created.
Tobias Schnurer, director of investment at AEW, commented: 'Grand Slam represents an excellent core investment opportunity to acquire a fully refurbished, modern and sustainable office asset that is generating secure, long-term income.
'We continue to take a very selective approach to opportunities in the German office market, focusing on high quality assets in prime locations. Cologne is one of Germany’s top four cities with an attractive office sub-market and Grand Slam’s location offers excellent infrastructure and outstanding local amenities.'
The asset is fully let to several tenants with strong credit ratings operating in a variety of sectors, including Swiss Life Asset Managers, who relocated their headquarters to the building on a long-term 15-year lease contract.
Grand Slam is located at Clever Strasse 36 and the adjoining Mevissenstrasse 3 in Cologne, the fourth largest city in Germany.
The micro location is well connected with public transports through the nearby bus and tram station, Reichenspergerplatz, and within easy distance from Cologne Central Station which is reachable in less than five minutes.
AEW was advised by Ashurst, Lehmann Consult and Nova Ambiente. Swiss Life Asset Managers by Heuking, JLL and CBRE.
