AEW acquires grade A office asset in central Cologne

AEW  has acquired the landmark office building ONE COLOGNE, which is located at Venloer Straße 151-153 in the centre of Cologne, Germany.

The asset was purchased from Development Partner (Gateway Real Estate) and Patron Capital on behalf of a French institutional investor.
 
The property comprises 15,600 sq m of high quality office space over 13 floors, with two roof terraces and basement parking for 253 cars. A full refurbishment was completed in 2019, and AEW has acquired the space fully let to four tenants including German airline Deutsche Lufthansa AG and Stadt Köln with a WAULT of 16.2 years.
 
Located at the intersection of two major arterial routes in Cologne’s CBD, the property benefits from transport links via rail and road. With a population of over one million, Cologne is Germany’s fourth most populous city and has a growing GDP.
 
Gereon Kohlgrüber, Managing Director and Head of Investment Germany at AEW, says: “ONE COLOGNE is a prime acquisition that is well located in a dynamic market with a rising demand for modern office space. The strong tenant covenants, delivering long-term, bond-like secured rental income, and the quality of the property following its recent refurbishment is directly in line with the strategy of the mandate.”
 
AEW was advised by Greenberg Traurig Germany.  The vendors were advised by BNP Paribas and Hogan Lovells International.