Global investor AEW announces has acquired the landmark office building One Cologne from Gateway Real Estate and Patron Capital on behalf of a French institutional investor.
The property, which is located at Venloer Straße 151-153 in the city centre, comprises 15,600 m2 of 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 weighted average unexpired lease term of 16.2 years.
'One Cologne is a prime acquisition that is well located in a dynamic market with a rising demand for modern office space,' said Gereon Kohlgrüber, managing director and head of investment Germany at AEW.
'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,' Kohlgrüber added.
AEW was advised by Greenberg Traurig Germany. The vendors were advised by BNP Paribas and Hogan Lovells International.