Barings has bought MP6, a mixed-use asset in Cologne, Germany from MEAG, investment manager of Munich Re and ERGO, on behalf of a core investment strategy. The parties have agreed not to disclose the purchase price.
Built in 1999, the nine-storey mixed-use asset is located in the MediaPark district of Cologne, just north-west of the historic city center.
It offers around 15,500 sq m of office, 500 sq m of retail and 1,300 sq m of residential space.
The asset has a WALT of around three years, with 25 occupiers across the IT, media, service and medical sectors. The property includes high quality amenities with several conference rooms, a fitness studio, a bistro and retail space on the ground floor.
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The central and established location benefits from excellent public transport links with tram and S-Bahn train stations nearby, as well as the Cologne West train station, which is only a few minutes’ walk away.
“This latest deal follows the recent acquisition of the Machtlfinger Höfe in Munich as we continue to invest on behalf of our core strategy. 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. The mix of floorplates and tenants makes MP6 resilient to market fluctuations in any individual sector. Our expert asset management team will look to create additional value through new leases and by repositioning the asset in line with our ESG strategy,” said Sascha Becker, Managing Director and Country Head Germany Barings.
Gunther Deutsch, Head of Transactions Europe and Managing Director at Barings, added: “This acquisition marks our third office investment in Europe this year, following the acquisition of a redevelopment project in Paris and a speculative development in London. We continue to look for further opportunities in the office sector across Europe in our target countries in the Nordics, the Netherlands, the UK, Italy, France, Spain and Germany, as well as any speculative projects.”