Essen, 9 July 2021 – Art-Invest bought the office and commercial building, located in one of Cologne’s most prominent city-centre locations, for one of its regulated investment funds. The seller is Aachener Grundvermögen Kapitalverwaltung, also based in Cologne, which has held the building for one of its funds for more than 20 years.
TA Europe carried out the complete technical due diligence of the ‘Friesenplatz 1’, which is located directly on the Kölner Ring in the northern part of the old town. TA Europe’s technical advisory services to support the purchase process included the detailed review of technical data, site visits and condition surveys as well as future CAPEX requirement assessments of the property.
The property itself comprises 5’400 sqm of rental space with retail and office space on six levels as well as flats on the top floor. In addition, 76 parking spaces are available in the 2-storey underground car park. A revitalisation and upgrading of the currently unused gastronomy area on the ground floor and the quiet inner courtyard on the ground floor is planned to begin in the short term.
The deal value remains confidential.