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Transactions - OCTOBER 11, 2019

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AEW buys 90%-leased office property in Cologne

by Kali Persall

AEW has acquired a 22,000-square-meter (236,806-square-foot) multitenant office property in Cologne, Germany’s Zollstock district on behalf of a separate account mandate for an institutional German investor.

AEW purchased the asset, known as Trinity, from a Luxembourg special fund.

Trinity is located near Cologne’s city center and is close to public transportation. The asset is 90 percent leased to a variety of tenants, of which around 70 percent are public entities.

AEW views Cologne as one of Germany’s underrated investment areas with future growth potential, according to Lars-Henning Pylla, separate account fund manager at AEW. With Cologne’s office vacancy having recently dropped below the 3 percent mark, the firm expects to benefit by actively decreasing the property’s under-rented position.

AEW has managed the separate account mandate since 2017 and aims to implement an active core to coreplus strategy in attractive investment markets in E

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