AEW has acquired a circa 8,000 sq m (86,000 sq ft) office complex in Cologne, Germany, from Swiss Life Asset Managers on behalf of one of its funds.
Grand Slam, which was bought for an undisclosed price, is split across two buildings that were extensively refurbished in 2022. It is fully let to several tenants, including Swiss Life Asset Managers, which relocated its headquarters to the building on a 15-year lease.
Tobias Schnurer, director of investment at AEW, said: “Grand Slam represents an excellent core investment opportunity to acquire a fully refurbished, modern and sustainable office asset that is generating secure, long-term income.
“We continue to take a very selective approach to opportunities in the German office market, focusing on high quality assets in prime locations. Cologne is one of Germany’s top four cities with an attractive office sub-market and Grand Slam’s location offers excellent infrastructure and outstanding local amenities.”
AEW was advised by Ashurst, Lehmann Consult and Nova Ambiente and Swiss Life Asset Managers was advised by Heuking, JLL and CBRE.
