Two weeks after acquiring the One Cologne office asset on behalf of a French institutional investor, global investor AEW has purchased another office property in the western German city, this time for a German separate account.
Trinity is a 22,000 m2 multi-let office property located in Cologne’s Zollstock district. The asset was acquired from a Luxembourg special fund on behalf of a separate account mandate for an institutional German investor. Financial details were not disclosed.
AEW has managed the account since 2017 and said it aims to implement an active core to core-plus strategy across selected European investment markets.
Trinity was built in 1994 and is currently 90% let to a variety of tenants, of which around 70% are public bodies.
Matthieu Samaran, director of investment at AEW, said: ‘The Cologne office market has developed very positively in the recent years and is highly resilient, benefiting from the city’s dynamic and well-diversified economy. The property offers a long-term, secure rental income with attractive reversionary potential. The future development of the Parkstadt Süd will also significantly improve the attractiveness of this micro-location over the medium-term.’
Lars-Henning Pylla, separate account fund Manager at AEW, noted that Cologne is still one of Germany’s ‘relatively underrated investment spots’ where the vacancy rate in the office market recently dropped below the 3%-mark.
AEW was advised by Rotthege Wassermann on the legal side, Lehmann Consult on technical matters and Ambiente on environmental issues. The vendor was assisted by GSK Stockmann (legal) and Colliers.
.
