Frankfurt-based GEG German Estate Group has acquired an office and hotel complex in Cologne for over €100 mln from an investment fund managed by Institutional Investment Partners (2IP). Internos Global Investors acted as transaction and asset manager for the fund.
Triforum, with a gross lettable area of around 25,000 m2, includes a 15,000 m2 office let long term to blue-chip tenants, plus a 10,000 m2 hotel leased under the Park Inn by Radisson brand. Both are fully occupied.
'With this acquisition in our strategic institutional business segment we enhanced our portfolio by adding another attractive property with a first-class location and stable cash flows,' said Ulrich Höller, CEO of GEG.
The property complex is situated not far from the town centre in the Innere Kanalstraße. The 14-storey office high-rise was first built in 1964 and has been renovated extensively several times since then.
'We are pleased to have successfully pursued this transaction with GEG as part of our value add strategy for the Triforum hotel and office complex,' said Jochen Schäfer-Suren, managing director of IKVG and partner responsible for hotel and Leisure at Internos.
The hotel property (4-star hotel with 205 rooms) dates from 2001. In addition to gastronomy areas, the building also includes 12 conference rooms plus a wellness area with gym. In recent years, the hotel lease agreement as well as several rental agreements have been extended. Significant improvements measures are being carried out.
Advisors to the transaction included BNP Paribas Real Estate, White&Case, DLA Piper, Drees & Sommer, and Hotour Hotel consulting.
