PATRIZIA AG, a leading partner for global real assets, announces that it has disposed of Kranhaus 1, a prime office asset in Cologne, to Deka Immobilien Investment GmbH, on behalf of its institutional clients. The parties agreed not to disclose the purchase price.
The c.17,200 square metresproperty comprises 14 rentable floors of high-quality office space as well as a ground-floor restaurant occupied by Ox & Klee, which holds two Michelin stars.
Acquiring the property during its development in 2008, PATRIZIA has since driven its performance and value through active management and tenant engagement. Anchor office tenants, law firm CMS Hasche Sigle and tax consultant Rödl & Partner, have been occupiers since 2008, both having subsequently increased their floorspace. Kranhaus 1 has a WALT of 6.5 years and has strong ESG credentials.
Located in Rheinauhafen, a premium submarket of Cologne, Kranhaus 1 is an architectural highlight, with the Rhine promenade running under the building. It was designed by BRT Architekten Bohte Richter Teherani. Kranhaus 1 is part of an ensemble of three crane houses whose visionary architecture can be traced back to the "Wolkenbügel" ("cloud bow") created by avant-garde artist El Lissitziky in 1924.
PATRIZIA was advised by Colliers, Hogan Lovells and TA Europe.
Source: patrizia.ag on the 8th of March
https://www.patrizia.ag/en/news-detail/patrizia-crystallises-value-from-c17000-sq-m-trophy-office-asset-in-cologne/