Pension fund acquires office in Cologne

Commerz Real has sold the office ensemble Siebenburgen in Cologne, Germany, from the portfolio of its open-ended real estate fund Hausinvest to AEW Invest, the latter acting on behalf of a pension fund.

As part of the so-called Millennium Portfolio, the property was acquired in 2019 from the former Generali Versicherung. According to statements by Commerz Real, it was no longer one of the strategic properties in the portfolio.

“With our active asset management, we were able to realize the existing potential for value appreciation, with the effect that we have now taken advantage of the current positive market environment for the sale,” said Mario Schüttauf, the fund manager for Hausinvest.

The office ensemble was erected in 1995 and 1997 and is located in Cologne’s city center at Vor den Siebenburgen 2 and Paulstr. 3-7. Of the 9,600 square meters (103,300 square feet) of office space, 91 percent are leased, with an average residual lease term of 12 years