Cologne belongs to the so-called TOP 7 cities in Germany. These are large metropolises with dynamic real estate markets. Good office properties are particularly in demand in the cathedral city. As an administrative and service centre, university town, financial centre and the headquarters of numerous institutions, office space is urgently needed here. The recent acquisition of an office property in Cologne by the Berlin-based private equity investor COMMODUS Real Estate should also be seen against this background. This article is based on the unique List of the 400 largest German real estate investors in Germany.
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Entry investment in the Cologne real estate market
This is a first. Up to now COMMODUS has not yet been engaged in Cologne. The property with the address “Stolberger Straße 372” is located in the Cologne district Ehrenfeld northwest of the city centre. The building, which was constructed in 1998, has around 9,000 square metres of rental space, 80 percent of which is currently let. The remaining 20 percent are still looking for tenants. COMMODUS wants to realize a new utilization concept here. It envisages so-called flexible-space offices – flexibly designed office space for innovative young companies with rapidly changing space requirements. Rentable office sizes of around 300 square metres to approx. 1,900 square metres are planned.
COMMODUS is an investment company based in Berlin and Munich with integrated real estate management. Within this framework, it offers a platform for semi-institutional and institutional investors who wish to make real estate investments via special funds. The focus is on Core+/ Value Add commercial properties – preferably office properties – in German TOP 7 cities. The Cologne investment fits this profile perfectly. For COMMODUS the purchase is the entry into the Cologne market, which will soon be followed by further acquisitions. The acquisition was made for the fund “Commodus Deutschland Fund II SCSp, RAIF” – a special fund structure under Luxembourg law.
Source: Immobilienmanager Picture source: Unsplash
