ING REF finances Cologne tower acquisition

ING Real Estate Finance (REF) Germany has provided €69.1 mln to Dream Global REIT to finance its acquisition of Cologne’s highest office building for €113.6 mln.

Opened in 2001 and extensively renovated in 2012, the Cologne Tower was previously owned by Art-Invest Real Estate and InfraRed Capital Partners. It measures 148 metres in height and has a rentable area of around 27,500 m2 with a weighted average remaining lease term of six years.

Tenants include the Institute for Quality and Efficiency in Health Care, Boston Consulting Group, Swiss life and MayerBrown.

‘Our involvement in the acquisition further underscores our goal to grow in the German real estate market along with our national and international customers,’ said Alexander Piur, director at ING Real Estate Finance Germany.

ING Real Estate Finance Germany was advised on the transaction by Taylor Wessing, Frankfurt. Other companies involved were Olswang, Berlin, advising Dream Global REIT and Orrick Herrington & Sutcliffe, also from Berlin, which provided support to the seller.