Prupim, the London-based real estate investment giant, has entered into a forward commitment to purchase the development of Lufthansa's new flagship headquarters in Cologne, Germany. The 19,000 m[sup]2[/sup] property was acquired from Commerleasing and Immobilien on behalf of the M&G European Property Fund for an undisclosed amount. Lufthansa has a 10-year lease on the property.
Prupim, the London-based real estate investment giant, has entered into a forward commitment to purchase the development of Lufthansa's new flagship headquarters in Cologne, Germany. The 19,000 m2 property was acquired from Commerleasing and Immobilien on behalf of the M&G European Property Fund for an undisclosed amount. Lufthansa has a 10-year lease on the property.
David Jackson, fund manager at Prupim, commented: 'Cologne is quickly moving into the top tier cities for investment in the German office market. The asset offers opportunities for excellent investment returns from a low rental base and we have secured it at a good time as this market recovers.' Cushman & Wakefield Investors were the acquisition advisors and will asset manage the investment in partnership with Prupim. Lovells acted as the legal advisors.
