German listed real estate company Branicks Group has sold its Cologno business park in in the Cologne district of Ossendorf for an undisclosed price.
Beos AG acquired the property for its Beos Light Industrial Germany I fund, managed by Swiss Life Kapitalverwaltungsgesellschaft.
The sale is expected to close by the end of the year.
The Cologno business park, located at Mathias-Brüggen-Strasse 124-170, consists of six buildings and comprises approximately 28,200 m2 of rental space, of which around 56% is storage space and the remaining 44% is office space. The property, consisting of 35 office and light industrial units, was built in 1987 and acquired by Branicks Group in 2007. There are also 358 parking spaces.
This transaction aligns with Branicks Group's goal of selling €500-600 mln worth of assets from its Commercial Portfolio during the current financial year.
The property, almost fully let to around 35 tenants, is highly flexible and can be used by a wide range of tenants.
Sonja Wärntges, CEO of Branicks Group, commented: ‘This attractive sale confirms the positive development on the transaction market and is a further step towards achieving our planned sales target in the Commercial Portfolio for 2024. At the same time, it serves our further financial consolidation and sharpening of our portfolio along our strategic orientation and focus on the asset classes logistics, office and renewables.’
Marco Koppold, portfolio manager at Beos AG, said: ‘By purchasing the Cologno property, we were able to secure a well-functioning corporate property in a German A-city for our investors.’
Michael Eberle, senior project manager at Beos AG, added: ‘We plan to further upgrade the property through targeted investment expenditure and ESG measures to be able to provide high-quality hall and office space for a wide range of tenants.’
The property at Mathias-Brüggen-Straße 124-170 occupies a 48,600 m2 site in the Butzweilerhof-Ossendorf commercial area, formerly the Butzweilerhof airport. It's conveniently located near various businesses, including the Coloneum and Ossendorf Technology Center, both managed by Beos AG. The commercial park offers good public transport links and easy access to the main train station and A1/A57 motorways.
Angermann NRW brokered the sale, while Samp Schilling & Partner, WSP, Zenk Kemsat, and Elsbroek Ingenieure advised the buyer.