Patrizia has sold Kranhaus 1, a prime office asset in Cologne, to Deka Immobilien Investment GmbH, on behalf of its institutional clients. The parties agreed not to disclose the purchase price.
The c.17,200 sq m property comprises 14 rentable floors of high-quality office space as well as a ground-floor restaurant occupied by Ox & Klee, which holds two Michelin stars.
Anchor office tenants, law firm CMS Hasche Sigle and tax consultant Rödl & Partner, have been occupiers since 2008, both having subsequently increased their floorspace. Kranhaus 1 has a WALT of 6,5 years and has strong ESG credentials.
Located in Rheinauhafen, a premium submarket of Cologne, the prime office asset is an architectural highlight, with the Rhine promenade running under the building. It was designed by BRT Architekten Bohte Richter Teherani. Kranhaus 1 is part of an ensemble of three crane houses whose visionary architecture can be traced back to the “Wolkenbügel” (“cloud bow”) created by avant-garde artist El Lissitziky in 1924.
Daniel Dreyer, Head of Transactions DACH at Patrizia, commented: “Patrizia’s investment into Kranhaus 1 early in its development presented the opportunity to generate significant value for our clients through active asset management. In line with our business plan, this disposal crystalised good returns for our investors. We maintain a strong conviction in prime office assets in Germany and we continue to seek opportunities for further investment into the sector.”