Deka Immobilien has acquired a prominent office property in Cologne at Kranhaus 1 from Patrizia.
Financial details were not disclosed.
The asset will be held in Deka's open-ended real estate fund WestInvest InterSelect, representing the fund's debut in Cologne.
Kranhaus 1 and its neighbouring Kranhaus buildings in the Rheinauhafen area of Cologne boast a design which is reminiscent of harbour cranes, recalling the riverfront's past. Patrizia acquired the property on completion in 2008, and said it had benefitted from a growth in asset values.
Daniel Dreyer, head of transactions DACH at Patrizia, commented: 'Patrizia’s investment into Kranhaus 1 early in its development presented the opportunity to generate significant value for our clients through active asset management. In line with our business plan, this disposal crystalised good returns for our investors.
'We maintain a strong conviction in prime office assets in Germany and we continue to seek opportunities for further investment into the sector.'
Kranhaus 1 comprises more than 17,000 m2 of leasable space and is leased to nine tenants under long-term leases. The main tenant is the business law firm CMS Hasche Sigle, one of the largest law firms in Germany. The property has received DGNB silver certification for sustainable building.
Deka Immobilien previously acquired the neighbouring Kranhaus Süd building for the open-ended real estate fund Deka-ImmobilienGlobal in 2010.
Patrizia was advised by Colliers, Hogan Lovells and TA Europe
