BNP Paribas Real Estate Investment Management (BNP Paribas REIM) Germany acquires two commercial assets in Cologne’s largest commercial development
- Acquisition of two I/D Cologne office properties for BNP Paribas Diversipierre, an institutional investor and another fund managed by BNP Paribas REIM structured as a club deal
- Both properties boast promising future letting potential and an attractive location
BNP Paribas REIM Germany recently acquired the first two I/D Cologne buildings, Haus am Platz and Patiohaus, for French-based investment fund BNP Paribas Diversipierre, another fund managed by BNP Paribas REIM and an institutional investor within the scope of a club deal. The contract for the forward deal with property developers Art-Invest Real Estate and OSMAB was signed in early 2020. The transaction was successfully completed in late June 2021. The office properties, which were completed in Q1 2021, encompass a total area of 38,000 sqm and are located in the new I/D Cologne district, which is situated in Cologne-Mülheim’s Schanzenviertel neighbourhood and is scheduled for completion by 2026. The contracting parties have agreed not to disclose the purchase price.
“I/D Cologne is an excellent example of how a former industrial site can be successfully upgraded under a mixed-use concept and transformed into a new, lively city district,” says Isabella Chacón Troidl, Chief Investment Officer of BNP Paribas REIM Germany. “We acquired two office buildings that not only boast certified sustainability credentials but also fulfil the highest standards in terms of digital transformation and modern work. This is reflected by the fact that 95% of the rental area was already pre-let to major tech, IT and co-working companies one year prior to completion, with both properties now fully let. As such, we expect to see strong long-term demand.”
In addition to offices, the properties also feature restaurant space occupied by well-known restaurant chains. The two office buildings are part of the first two construction phases of the new I/D Cologne district, which will comprise eleven buildings with total GFA of around 160,000 sqm. The district is being developed on the site of a former freight depot in Cologne-Mülheim. Zoned exclusively for commercial use, the site offers space for around 7,000 workplaces and will meet a variety of employee needs. Plans include a lifestyle hotel, additional restaurant space and attractive fitness facilities as well as a multi-storey car park, which features 900 parking spaces and has already been opened. The development also boasts a strong sustainability concept. In addition to green building certification, sustainability features include electric charging stations as well as a car and bike-sharing fleet. I/D Cologne will also feature more than 10,000 sqm of landscaped roof areas and the multi-storey car park boasts the largest green facade in Cologne.