Global real estate asset manager AEW has acquired an office-led mixed-use building in Cologne, Germany, from Indigo Invest, on behalf of its city office Germany fund.
Dubbed Novo|M, the property was built in 1962 and refurbished in 2013 and 2018, and comprises 8,200 m2 of total lettable area.
The building extends over four upper floors of offices, with retail space on the ground floor and two basements used for storage purposes, and is fully let to 10 tenants.
'The prominent location of Novo|M in the Domstadt makes this an attractive investment. Furthermore, the balanced multi-tenant structure of the asset, flexible floor plans and high quality space are aligned to the investment criteria for this fund,' said Matthieu Samaran, director of AEW's Düsseldorf investment team.
'The Cologne real estate market has continued to strengthen over the past few years, which is reflected in the current rental and vacancy levels,' said Lars-Henning Pylla, fund manager of AEW city office Germany,
'Having already acquired a similar asset for the AEW city office Germany fund in Deutz on the right side of the Rhine in 2018, we are pleased to complete the fund portfolio with this inner-city property,' Pylla added.
The German real estate special alternative investment fund targets office properties with the potential to create further value across Germany’s top six cities, according to AEW.