Berlin – InfraRed Capital Partners Limited (“InfraRed”) and Art-Invest Real Estate Management GmbH & Co. KG have sold the Cologne Tower, the tallest office building in Cologne, to Canadian investor Dream Global REIT for €110 million.
The 43-story tower was built in 2001 and comprises 27,000 square meters of office space in the Cologne ‘MediaPark’ district. It was acquired by InfraRed and Art-Invest in 2011 with a 40 percent vacancy rate and following extensive refurbishment its occupancy reached over 90 percent.
InfraRed is a leading global investment manager focused on infrastructure and real estate and manages over US$7 billion of equity capital in multiple private and listed funds. Art-Invest Real Estate is a real estate, investment and management company headquartered in Cologne.
The multi-office Orrick team advising on the transaction included partners Norbert Impelmann and Annette Pospich, associates Katharina von Rosenstiel, Ruben Pisal, Alexander Länge, Lara Finken and Christoph Wenderoth, counsel Richard Moudiotis and trainee Katrina Murphy.