Case Study - Cologne Tower
| Country: | Germany |
|---|---|
| Business area: | European Real Estate |
| Sector: | Office |
| Project value: | Not disclosed |
| Investment date: | 2011 |
| Completion date: | N/A |
| Realisation date: | To be determined |
Investment in landmark office tower in Cologne
In September 2011, the InfraRed European real estate team exchanged contracts for the purchase of the Cologne Tower in Germany. The asset was acquired from a German bank.
The transaction encompasses a landmark 43-storey tower built
in 2001 comprising 26,500 sq.m of office space and the adjacent
220-bedroom 4-star NH Hotel. The buildings are located in the Cologne’s ‘MediaPark’ within the core of the City. High-profile tenants include the Boston Consulting Group, Mayer Brown
and Hays.
Cologne is Germany’s fourth largest city with a large and growing population in excess of one million. The diversity of its industries, which include trade, insurance, media, chemicals as well as government, provides the city with a vibrant and diverse occupational market.
The Cologne Tower offers a rare opportunity to add considerable value through refurbishment and letting to a high-profile, landmark building in a city where the letting dynamics are compelling.
Take-up in the first half of 2011 alone was 173,000 sq.m.and the development pipeline for high-quality office space in the city
remains constrained.
