La Française collective real estate investment vehicle acquires Cologne-based asset
A La Française collective real estate investment vehicle, represented by La Française Real Estate Managers, has acquired a mixed-use property in Cologne, Germany from Primus Siebte ImmoInvest GmbH, a group-member company of the project developer WvM Immobilien + Projektentwicklung.
The property is located at 310-316 Venloer Str. in the Ehrenfeld submarket, a strong retail location in the greater Cologne area, which is the most important economic center within the North Rhine-Westphalia region. With the Venloer Str. metro station just 170 meters away, the asset is ideally situated and easily accessible.
The three-storey mixed-use property, built in 1965 and fully refurbished as of mid-year 2020, offers 30 meters of storefront, 2 824 m2 of retail space, 790 m2 of office space, 482 m2 of storage space and 63 indoor parking spaces (basement level).
The property is fully let to three tenants: a food retailer (Rewe Markt GmbH), a drugstore (DM-Drogerie Markt GmbH + Co. KG) and a co-working supplier (Unicorn Workspaces).
Jens Goettler, Managing Director of La Française Real Estate Managers - Germany said, “Located in a very vibrant and densely populated part of Cologne City, this storefront property, given its unique visibility and access to foot traffic, should offer a stable and secure income to the fund and benefit from demographic changes within the area.”
La Française Real Estate Managers was advised by Clifford Chance Deutschland LLP on legal aspects and by TA Europe Real Estate GmbH on technical Due Diligence. The asset was introduced by JLL.
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