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AEW bags Commerz Real’s Cologne city centre office giant

Investment and asset manager AEW has acquired Cologne’s Siebenburgen office complex from Commerz Real’s open-ended real estate fund, Hausinvest.

The asset has been acquired on behalf of a separate account mandate for a pension fund targeting long-term core investments in Germany.

The 9,600 sq m complex was built between 1995 and 1997 and is located in Cologne’s city centre. About 91% of the property is let and the average remaining lease term is more than 12 years. State-funded research organisation the Max Planck Institute occupies 46% of the space on a lease running to 2040.

“The long-term lease agreement with the Max Planck Institute and the diversified occupier mix, as well as the opportunity for further value-enhancing asset management activities present an attractive risk-return profile for this mandate,” said AEW director investment Tobias Schnurer.

AEW was advised by Ashurst LLP, JLL and Nova-Ambiente. Commerz Real was advised on the transaction by BNP Paribas Real Estate and CMS.

As at 30 September 2021, AEW managed €36.9bn of real estate assets in Europe on behalf of a number of funds and separate accounts.