Peakside has completed the sale of the mixed-use Opernpassagen building in Cologne to a private investor who intends to hold the asset on a long term basis.
Peakside has completed the sale of the mixed-use Opernpassagen building in Cologne to a private investor who intends to hold the asset on a long term basis.
The financial details were not disclosed.
Peakside, a European private equity real estate firm, sold the property on behalf of its client, the Gustav Group.
Opernpassagen is a 21,000 m2 retail, office and storage facility between the pedestrianised Breite Strasse and the Cologne Opera House in the centre of Cologne.
The property was originally acquired in 2007. Peakside advised Gustav on the strategy for the building and subsequently implemented, alongside the centre manager, ECE, a number of active asset management initiatives to reposition the property and dramatically improve its performance. As a result, revenues have increased by 16% from acquisition until August 2012.
Peakside manages 43 investments across nine different European countries, totalling over EUR 2 bn in gross asset value.
