Avison Young has finalized its second major investment in Germany on behalf of two pension funds with the purchase of a mixed-use property at Weisshausstrasse 20-30 in Cologne.
The commercial real estate company will act as asset manager and leasing agent for the almost fully leased building located in Cologne’s south-central district Cologne-Sülz.
Comprising 260,600 square feet, including 142,100 square feet of retail, 68 apartments and more than 50,000 square feet of office space, the six-storey complex is located next to major public transit routes and the University of Cologne.
Real Hypermarket is the anchor tenant of the property soon to be managed by IC Property Management GmbH.
Days before this announcement, Avison Young opened a new office in Frankfurt, signalling a step forward for the company’s global directive to provide clients with cross-border transaction advice and opportunities in a broad range of European assets.
“Acquisition of this high-quality, mixed-use property at a discount to replacement cost complements our existing German portfolio by providing retail exposure and critical mass for our apartment holdings,” says Amy Erixon, an Avision Young principal who leads the company’s investment management business
Erixon adds the company will continue to look for “well-located, credit-tenanted properties” that can be purchased at superior cap rates than comparable properties in Canadian markets.