German distressed property investor Publity has acquired the abc-Tower in Cologne, marking its second acquisition of a major office scheme in the space of a month.
German distressed property investor Publity has acquired the abc-Tower in Cologne, marking its second acquisition of a major office scheme in the space of a month.
Financial details were not disclosed. Leipzig-based Publity bought the complex out of receivership and plans to add value to the scheme through asset management before reselling it.
The 23,000 m2 office complex is located in the Airport Businesspark in Cologne's Porz district and was completed in 2003. It consists of a 65-metre tower, ancillary office buildings and a parking garage with 450 spaces.
Law firm CMS Hasche Sigle carried out due diligence on the property ahead of the transaction.
The deal follows on from the acquisition of the Kontorhaus office complex in Frankfurt in July. The 6,400 m2 property was built in 1994 and is fully let to Deutsche Bahn.
Publity started out as an online brokerage firm in 1999 before switching its focus in 2004 to distressed real estate loans and assets held by German banks. It manages a number of closed-end property funds for private and institutional investors.