Asian investors acquire Cologne arena for €440m
China-based Junson Capital and South Korean investor Mirae Asset Global Investments are to purchase the Lanxess Arena and surrounding buildings in Cologne, Germany, for €440 million ($480 million).
The seller is Immobilienfonds Köln-Deutz Arena und Mantelbebauung GbR, managed by German entrepreneur Josef Esch and Bankhaus Sal. Oppenheim.
The Lanxess Arena is Germany's largest multipurpose hall with 18,000 seats, restaurants, bars, bistros and shops. The real estate complex also includes more than 1.1 million square feet of office space, which are leased to the city of Cologne and used as a town hall and a multipurpose hall and approximately 2,900 parking spaces.
At the event business in the Arena should not be affected by the sale. Ticket marketer CTS Eventim has operated the event hall since 2008; the lease runs until 2032, according to press reports.