Commerz Real acquires Cologne office complex for EUR60m
Commerz Real has acquired a virtually fully leased office complex with a leasable area of approximately 10,900 square metres on the banks of the river Rhine in Cologne’s Neustadt-Nord district for around EUR60 million for its open-ended real estate fund hausInvest.
Tenants in the complex of buildings with the address Oppenheimstrasse 11 / Elsa-Brändström-Strasse 10-12 are DEVK Rückversicherung und Beteiligungs-AG, Aachener Grundvermögen Kapitalverwaltungsgesellschaft, Deutsche Oppenheim Family Office as well as Evo Payments, a specialist for cash-free payment transactions. The seller is the real estate company Köln Oppenheimstraße GbR.
The complex, which comprises four elements, was erected between 1900 and 1967 on a plot of land covering approximately 8,900 square metres and was extensively modernised in 2008. The tenants can make use of a canteen with an outdoor seating area, an underground car park and an inner courtyard with a park-like quality. There are tram and bus stops within easy walking distance, and there is a bike-sharing station at the building itself.
“With its positive leasing situation, the high-quality location and an attractive potential for redensification, the ensemble perfectly suits the investment strategy of hausInvest,” explains Maja Procz, Global Head of Transactions at Commerz Real.
The consultants on legal aspects of the transaction were the law firm Freshfields, Baker Tilly on tax matters and Arcadis on technical issues.