Barings has acquired MEAG’s MP6, a mixed-use asset in Cologne, Germany, on behalf of a core investment strategy.
The 19,000 sq m, nine-storey asset built in 1999, is located in the MediaPark district of Cologne, north-west of the historic city centre. It comprises 15,500 sq m of offices, 500 sq m of retail and 1,300 sq m of residential space.
The asset has a WALT of about three years, with 25 occupiers across the IT, media, service and medical sectors.
Barings and MEAG, which is the investment manager of Munich Re and ERGO, declined to reveal the price paid.
“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,” said Barings’ Germany head, managing director Sascha Becker.
Savills advised Barings.