AEW acquires office complex in Cologne from Commerz Real

AEW acquires office complex in Cologne from Commerz Real
Siebenburgen office complex in Cologne, Germany

AEW has acquired the Siebenburgen office complex in Cologne, Germany, from Commerz Real’s open-ended real estate fund, Hausinvest. The purchase price was not disclosed. 

The acquisition has been completed on behalf of a separate account mandate for a pension fund, which targets long-term core investments in Germany.

Siebenburgen, which was built in 1995 and 1997 respectively, is located in Cologne’s city centre at Vor den Siebenburgen 2 and Paulstr. 3-7. The asset comprises a total of 9,600 sq m of which 91% is let, with an average remaining lease term of over 12 years. The Max Planck Institute, the leading research organization in Germany, which is funded by the state, occupies 46% of the building with a lease that extends until 2040.

Tobias Schnurer, Director Investment at AEW, commented: “The acquisition of the Siebenburgen office complex reflects our confidence in the outlook for the office market in Cologne. 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.”