EQT has made its German real estate debut with the acquisition of an office park near the centre of Cologne for €188 mln.
The 116,155 m2 Technologiepark has been purchased out of insolvency. EQT said it had identified a number of value-add strategies, with a focus on updating the physical structure of the buildings and to improve the tenant experience in the park, in order to re-gear leases.
'Technologiepark is a further example as to the breadth and depth EQT has in the European real estate market and the ability to successfully compete for sizeable deals at the highest level. This transaction highlights the variety of investments EQT is able to take on,' said Edouard Fernandez and Robert Rackind, partners and real estate co-heads at Investment Advisor EQT Partners.
The acquisition comprises seven different office buildings located within the park. Each building is accompanied with an element of parking, totalling 2,863 spaces.
'This deal, in addition to the two Paris deals recently closed, shows EQT's ability to ramp up and integrate a successful real estate strategy into its market-leading platform,' added Lennart Blecher, deputy managing partner at Investment Advisor EQT Partners, and head of EQT Real Assets.
Ashurst acted as legal advisor to EQT while BNP Paribas Real Estate provided strategic advice, with the technical due diligence carried out by Drees & Sommer.
JAFFÉ, the law and insolvency practice, is the bankruptcy administrator of NARAT GmbH, the seller.
Noerr LLP acted as legal advisor to JAFFÉ. Ziems & Co and JLL provided strategic advice to the bankruptcy.
