Property advisers Savills and Dahlke Real Estate have put the Zanzibar retail portfolio in the German city of Cologne up for sale on behalf of Parkwood at a guide price of €30 mln.
Property advisers Savills and Dahlke Real Estate have put the Zanzibar retail portfolio in the German city of Cologne up for sale on behalf of Parkwood at a guide price of €30 mln.
The portfolio comprises two long-let assets located to the west of the city centre which comprise a total of 18,924 m2. The properties generate an annual income of around €1.94 mln. Tenants include Hit, MEDA and Dassbach.
The Marsdorf asset is located at Max-Planck Strasse 21-25 and comprises a total 11,700 m2. The Braunsfeld retail property is situated in Schweidtweiler Strasse 83-87 and comprises a total 7,224 m2, including 12 residential units.
Savills’ cross-border investment director Oliver Fraser-Looen said: ‘Both of these properties are situated in established shopping destinations and benefit from well developed infrastructure and accessibility. German retail properties are perceived as one of the most stable asset classes in Europe by investors with almost €10 bn transacted in the sector in 2013.'