Fund manager AEW has acquired an office building on Siegburger Strasse in Cologne from German advisory firm Loancos Group for its AEW City Office Germany Fund.
Financial details were not disclosed.
The asset, located in the up-and-coming Deutz submarket of the city, was built in 2008 and is alomst fully let. It comprises nearly 9,000 m2 of office space.
'The office district on the right bank has developed very positively over the last few years and benefits from Cologne's ongoing strong market dynamics,' said Sebastian Grobe, director of acquisitions at AEW in Germany.
AEW City Office Germany invests in properties with the potential for value creation in established and developing locations within Germany's top seven cities.
'We are now focusing on the rapdid acquisition of other assets with asset management potential,' said Lars-Henning Pylla, fund manager of AEW City Office Germany.
AEW was advised by lawyers Loschelder and Corevestis.