Swiss Life Asset Managers has sold two office buildings at Clever Strasse 36 and the adjoining Mevissenstrasse 3 in Cologne, Germany to an open French investment fund represented by AEW Invest GmbH..
The buildings were sold as part of an asset deal for “SL AM Aurum GmbH & Co. KG”.
One of the two buildings is also the new headquarters of Swiss Life Asset Managers in Germany, which remains the anchor tenant of the property with a long-term 15-year lease. It was agreed not to disclose the purchase price.
The property at Clever Straße 36 was built in 1937 and is a listed building. The second building at Mevissenstraße 3 was built in 1979.
Both buildings were completely revitalized in 2022. The e-charging infrastructure was extensively expanded and space was created for 70 bicycle parking spaces. A service station for repairing bicycles is planned. With the help of the installation of modern building control technology, ventilation and cooling were also coordinated and optimized for energy efficiency.
“This transaction is further proof of our high level of expertise and experience in the placement of office properties. We are handing over high-quality properties in excellent condition, which are characterized by flexible use and a good location on the banks of the Rhine,” says Anett Barsch, Head of Real Estate Project Development and member of the Executive Board of Swiss Life Asset Managers in Germany.
“We have achieved a great success for our development area. We have managed to achieve an enormous increase in value compared to the total investment costs at the time of acquisition. In view of the complex market situation, this sale once again underscores the performance of Swiss Life Asset Managers as a project developer. With our long-term concepts and our good cooperation, we are creating important building blocks for future project developments,” summarizes Johann Pfeifer, Director Transaction Commercial & Residential at Swiss Life Asset Managers.
The office buildings were purchased in 2016 in a large portfolio (former Zürich Versicherung area) and were converted within two and a half years using a construction-manage-to-core approach and almost fully let.