US-focused investment and management firm Jamestown has expanded into Germany with the acquisition of three office assets in Cologne.
Financial details were not disclosed.
Jamestown's purchase of three historic properties in the German city marks just its second deal in Europe, after buying the historic Groot Handelsgebouw in Rotterdam, the Netherlands, last December.
The assets are located in the up-and-coming Mülheim district. Cologne is also home to Jamestown's European headquarters.
Constructed between 1890 and 1914, the buildings at Schanzenstrasse 22, 24, and 28 are home to a mix of multimedia and entertainment companies, including prominent television production company Brainpool TV. The 34,545 m2 buildings are an attractive blend of post-industrial architecture. Jamestown purchased the buildings with two institutional investors from a group of private investors.
'We have been investing in US real estate from Cologne for 37 years. Our first project in Germany is an important milestone for Jamestown. One of our core competencies at Jamestown is the revitalisation of old industrial buildings and we see great potential for this in Europe as well,' said Christoph Kahl, chairman of Jamestown.
'We are excited to add Schanzenstrasse to our growing European footprint. Technology, media, and content firms are resilient, durable sectors that are thriving in the current market. Our focus is on mixed-use projects that create ecosystems where businesses can connect to one another and the consumer. Mülheim, and our other neighbours, are part of that ecosystem,' added Michael Phillips, president of Jamestown.
Jamestown worked with DLA Piper and the seller with McDermott, Will & Emery for legal counsel. The seller was represented by Tresono Family Office. The property will be managed by Apleona Real Estate GmbH.
