Two Canadian pension funds have acquired a two-building complex in Cologne city centre from Allianz Real Estate in their first direct investment in Germany.
Two Canadian pension funds have acquired a two-building complex in Cologne city centre from Allianz Real Estate in their first direct investment in Germany.
The buildings on Barbarossaplatz include 14,500 m2 of office space, 410 m2 of retail and 11 residential units. KPMG is the main office tenant.
The funds were advised by Avison Young, which will manage the properties in its first asset-management mandate outside of North America. The price was not disclosed.
'With our strong global network, we were able to facilitate more North American investment management clients to enter the European real estate market,' said Avison Young MD, Udo Stöckl.
Avison Young recently established a presence in Europe by buying London-based real estate firm NAI Haywards and opening offices in London and Thames Valley.
