Warburg-HIH Invest Real Estate has bought an office complex in western Germany by way of a forward funding deal.
The investment manager said it has acquired the KITE office complex in Cologne from developer Landmarken for an undisclosed sum.
The six-storey office building on Rudi-Conin-Straße has a gross lettable area of 22,800sqm and 477 parking spaces.
Warburg-HIH said two-thirds of the building has been leased for 25 years to German bank Sparkasse KölnBonn.
Hans-Joachim Lehmann, managing director of Warburg-HIH Invest, said: “Acquiring the project under development at an early stage allows us to secure a very long-term lease with a loyal and creditworthy local tenant at a high-growth location in Cologne.
“With a vacancy rate of just over 2%, office space is in short supply in Cologne. On account of the city’s economic development, the situation in the market is unlikely to ease any time soon.”
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