Commerz Real has sold the office ensemble “Siebenburgen” in Cologne from the portfolio of its open-ended real estate fund Hausinvest to AEW Invest, the latter acting on behalf of a pension fund.
As part of the so-called “Millennium Portfolio” the property was acquired in 2019 from the former Generali Versicherung, and according to statements by Commerz Real it was no longer one of the strategic properties in the portfolio in the meantime. “With our active asset management we were able to realise the existing potential for value appreciation, with the effect that we have now taken advantage of the current positive market environment for the sale,” explains Mario Schüttauf, the fund manager for Hausinvest.
The office ensemble was erected in 1995 and 1997 and is located in Cologne city centre at Vor den Siebenburgen 2 and Paulstr. 3-7. Of the 9,600 square metres of office space 91 per cent are leased, with an average residual lease term of twelve years for the lease agreements. The anchor tenant with about 46 per cent of the leasable space is the Max Planck Institute with a lease agreement through to 2040.
In the course of the transaction Commerz Real was advised by BILLIONP Paribas Real Estate and provided with legal assistance by the law firm CMS, while AEW was advised on legal matters by Ashurst LLP and on technical aspects by JLL and Nova-Ambiente.
Source: commerzreal.com on the 21st of February
https://www.commerzreal.com/en/press-release/press-release/commerz-real-sells-cologne-office-ensemble-to-aew-invest/