Listed German real estate firm Colonia has said that one of its subsidiaries has sold its trophy office property 'Disch-Haus' in Cologne for over EUR 40 mln. The transaction with the unidentified buyer was achieved by the sale of the special purpose vehicle which owned the asset. The SVP was a joint venture between major shareholders UBS and Redos Real Estate, and Colonia. The deal is expected to close in January 2009.
Listed German real estate firm Colonia has said that one of its subsidiaries has sold its trophy office property 'Disch-Haus' in Cologne for over EUR 40 mln. The transaction with the unidentified buyer was achieved by the sale of the special purpose vehicle which owned the asset. The SVP was a joint venture between major shareholders UBS and Redos Real Estate, and Colonia. The deal is expected to close in January 2009.
Colonia said 'Disch-Haus' has been fully refurbished in the last 20 months. The building offers 7,600 m2 of office space and 2,800 m2 of exclusive retail space.
'Even in a challenging market environment we were able together with our partners to achieve an IRR of almost 20%. Landmark buildings in very good locations are still in demand. Our asset management arm CRE Resolution together with Redos Real Estate developed and executed an intelligent concept for the repositioning and sustainable value creation for the 'Disch-Haus,' Colonia CEO Stephan Rind said.
The joint venture bought the property from the city of Cologne in 2006.
