SEB Asset Management has signed an agreement to acquire the Cacilium office project in Cologne for an investment volume of EUR 75 mln. The seller is KK 10, a special-purpose vehicle created by Essen-based real estate company Kolbl Kruse.
SEB Asset Management has signed an agreement to acquire the Cacilium office project in Cologne for an investment volume of EUR 75 mln. The seller is KK 10, a special-purpose vehicle created by Essen-based real estate company Kolbl Kruse.
The Cacilium, located on Cacilienstrasse at the corner of the Nord-Süd-Fahrt traffic artery, will be a modern, six-storey office building. The total rental space comprises 17,488 m2 of office space plus 1,871 m2 of storage and other space. Two storeys below ground offer 141 parking spaces. More than 53% of the space is let to the Dutch-Belgian Fortis Bank, which will move into the first section of the building in June 2009. The entire project is scheduled to be ready in September 2009.
The transaction, which follows recent acquisitions in Poland, further expands the proportion of German properties in its SEB ImmoPortfolio Target Return open-ended real estate fund. The fund owns 30 properties in ten countries.
