- Disposal of Kranhaus 1 delivers good returns for investors following 14 years of active management since development completion
- Ownership period saw successful deployment of asset management plan with anchor tenants taking additional space
Augsburg / Cologne, 8 March 2022.PATRIZIA AG, a leading partner for global real assets, announces that it has disposed of 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.
Acquiring the property during its development in 2008, PATRIZIA has since driven its performance and value through active management and tenant engagement. 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, Kranhaus 1 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.”
PATRIZIA was advised by Colliers, Hogan Lovells and TA Europe.
PATRIZIA: A leading partner for global real assets
With operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 38 years. PATRIZIA manages more than EUR 50 billion in assets and employs over 900 professionals at 26 locations worldwide. Through its PATRIZIA Foundation, PATRIZIA is committed to social responsibility. The Foundation has helped around 250,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 22 years. You can find further information at www.patrizia.ag
Phone: +49 821 50910 628