Real estate investment manager Barings has acquired MP6, a mixed-use asset in Cologne, Germany, on behalf of a core investment strategy. The seller of the 19,000 m2 property is Meag, investment manager of Munich Re and Ergo.
Financial details were not disclosed.
Built in 1999, the nine-storey asset is located in the MediaPark district of Cologne, just north-west of the historic city centre. It offers around 15,500 m2 of office, 500 m2 of retail and 1,300 m2 of residential space. The green inner courtyard, which opens up into an adjoining park, provides an attractive atmosphere as well ample natural light.
The asset has a weighted average lease term of around three years, with 25 occupiers across the IT, media, service and medical sectors. The property includes high quality amenities with several conference rooms, a fitness studio, a bistro and retail space on the ground floor.
Sascha Becker, managing director and country head Germany Barings, said: 'This latest deal follows the recent acquisition of the Machtlfinger Höfe in Munich as we continue to invest on behalf of our core strategy.
'The combination of a strong micro location, excellent transport connections and the innate potential to add value to the asset over the coming years fits precisely within our investment strategy.
'The mix of floorplates and tenants makes MP6 resilient to market fluctuations in any individual sector. Our expert asset management team will look to create additional value through new leases and by repositioning the asset in line with our ESG strategy.'
Gunther Deutsch, head of transactions Europe and managing director at Barings, added: 'This acquisition marks our third office investment in Europe this year, following the acquisition of a redevelopment project in Paris and a speculative development in London.
'We continue to look for further opportunities in the office sector across Europe in our target countries in the Nordics, the Netherlands, the UK, Italy, France, Spain and Germany, as well as any speculative projects.'
Savills acted as advisor to the buyer throughout the entire transaction process. Ashurst advised the buyer on legal matters. Financing was provided by Münchener Hypothekenbank.