AEW acquires “Haus am Rudolfplatz” in Cologne
AEW, on behalf of a German insurance group, has acquired a prime mixed-use asset in the centre of Cologne through a forward funding agreement with Development Partner AG.
The project, Haus Am Rudolfplatz designed by the renowned architect Max Dudler, will comprise a total of 8,852 sq m and is expected to complete in spring 2022.
Haus Am Rudolfplatz is a major construction project that will deliver 5,789 sq m of Grade A office space and 2,773 sq m of retail or food and beverage space, as well as storage facilities and 34 underground car parking spaces, over a total of 8 floors. It is located at the heart of Cologne’s old town next to the historical Hahnentor, adjacent to a major road and public transport intersection and on the edge of the city’s main shopping area.
Cologne is the fourth largest city in Germany with more than one million inhabitants and over 10 million in the greater area. As one of the ‘big seven’ German office markets it has strong growth fundamentals.
Tobias Schnurer, Director of Investment at AEW, says: “This property will be designed to the very highest specification and, upon completion, we believe it will be one of the most desirable office locations in Cologne. The occupier appetite for the project is strong, with a high pre-let ratio at this stage of construction. We are confident that this investment will deliver a long term sustainable return for our client.”
AEW was advised by Heuking Kühn Lüer Wojtek. The seller was advised by Noerr LLP and JLL.