TPG Real Estate Partners (TREP), the dedicated real estate equity investment platform of global alternative asset firm TPG, announced on Thursday that it has sold three properties in TechnologiePark, an office park in Cologne, Germany, to DIC Asset for a total of €267 mln.
The properties sold include the Forum, New Technology Center (NTZ), and Office Center West (OCW). The transaction follows TREP’s sale of the Mercedes-Benz Center, a regional car showroom hub and full-service center in TechnologiePark that was acquired by DIC in April 2021 for a net purchase price of €65 mln.
Together, the three office properties span more than 60,000 m2 of total rental area across Ehrenfeld, one of Cologne’s most popular office districts with more than 300 companies and 6,000 employees.
The properties are situated close to the Cologne Central Station, Cologne City Forest, and A1 highway, with nearby restaurants and supermarkets. The Forum, NTZ, and OCW serve a group of primarily public sector tenants with long-term rental agreements. The Mercedes-Benz Center is a hybrid-use asset that is currently leased to long-term tenant Daimler.
‘We invested in TechnologiePark because of the quality of the properties and our view of Cologne as an accessible and growing city,’ said Michael Abel, partner at TREP. ‘Over the course of our ownership, we have implemented operational and asset management initiatives to help retain and attract the properties’ strong tenant base. We are confident the properties will continue to prosper under DIC’s management and look forward to supporting the remainder of the TechnologiePark portfolio.’
TREP acquired TechnologiePark in 2019. The office park includes seven Grade A properties spanning approximately 116,000 m2 of total rental area.
CBRE and Freshfields Bruckhaus Deringer advised TREP on the sale of the office properties. Both firms advised TREP on its initial acquisition of TechnologiePark.
