Warburg-HIH Invest Real Estate acquired the “Gürzenich-Quartier” mixed use building in Cologne. The seller is a joint venture consisting of Cologne-based Metropol Immobiliengruppe and Johann Bunte Bauunternehmung. The cost of the deal was not disclosed. The transaction was facilitated by Ashurst LLP on the buyer side while CBH Rechtsanwälte provided counsel to the vendor.
The property is being raised on a 2,500 sqm plot of land when completed it will be offer 13,000 sqm of leasable area spread over eight floors. The building will have 65 underground parking spots. DLA Piper will be the primary tenant, occupying 5,500 sqm. The project has been pre-certified for the Silver standard by the DGNB German Sustainable Building Council. Completion is scheduled for the second quarter of 2016.
