German asset manager Warburg-HIH Invest has acquired three plots in the MesseCity Köln development in Cologne for over €350 mln as part of a club deal for a group of institutional investors.
The three sites will see the development of around 60,000 m2 of new office space for the Zurich Group, which will house around 2,700 workers on completion in 2019. The office complex will have an underground car park providing 600 places.
The MesseCity Köln development comprises a total gross area of 135,000 m2 over a 5.4-hectare plot. Strabag Real Estate and ECE Projektmanagement are developing the site and vendors of the plots acquired by Warburg-HIH Invest.
Separately, Warburg-HIH Invest announced it has bought a 10,700 m2 office property in Munich from Hubert Haupt Immobilien Holding on behalf of an institutional investor. Financial details were not disclosed.
The NuOffice III property, which was completed at end-2015, is located in the Schwabing district of Munich. Tenants include restaurant chain L’Osteria, automotive supplier Mitsuba and IT services provider Dimension Data Germany.
