Real estate advisor acquires mixed-use property on behalf of North American clients
TORONTO, Dec. 3, 2014 /CNW/ - Avison Young, the world's fastest-growing commercial real estate services company, announced today that its investment management group has advised two pension funds in the acquisition and financing of a mixed-use property at Weisshausstrasse 20-30 in Cologne, Germany.
The seller of the six-storey building complex was advised by SVP Global and represented in the transaction by Nexus Capital Advisors GmbH & Co.KG and McDermott Will & Emery.
Avison Young, which was advised by Linklaters LLP, will serve as asset manager and leasing agent for the property. IC Property Management GmbH has been retained to provide property management.
The asset, located in Cologne's south-central district Cologne-Sülz, is an almost fully-leased (96%), mixed-use building with Real Hypermarket as the anchor tenant. The building is located next to various key Cologne public transit routes and the University of Cologne.
The property comprises 260,600 square feet (sf), or 24,207 square meters (sqm), of total leasable area, including 142,100 sf (13,204 sqm) of retail space, 68 apartments, and 50,780 sf (5,349 sqm) of office space.
The transaction represents the second investment in Germany for the two pension-fund clients within the past eight months, and further expands the mandate for Avison Young outside of North America. Terms of the transaction, which closed November 27, 2014, were not disclosed.
"We are excited to be announcing this second transaction for our client in Germany this year," comments Udo Stoeckl, Avison Young Principal and Managing Director of the company's Frankfurt office. "We look forward to continuing to provide our clients with cross-border transaction advice and best-in-class opportunities in a broad range of asset types in Europe."
Today's announcement comes on the heels of Avison Young launching its presence in Germany with the opening of a new office in Frankfurt on December 1, 2014.
Avison Young Principal Amy Erixon, who heads up Avison Young's investment management business, says the deal represents another important step in the evolution of Avison Young's global investment business beyond North America.
"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. We continue to look for well-located, credit-tenanted properties that can be acquired at better cap rates than are available for comparable properties in Canadian markets."
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,700 real estate professionals in 62 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
Please click on links to view and download photos of Weisshausstrasse 20-30 in Cologne, Germany
For further information/comment/photos:
• Sherry Quan, Principal, National Director of Communications & Media Relations, Avison Young: +1 604 647 5098; cell: +1 604 726 0959
• Amy Erixon, Principal, Avison Young: +1 416 673 4034
• Simone Knopf, Asset Manager, Avison Young: +1 647 788 4078
• Mark Rose, Chair and CEO, Avison Young: +1 416 673 4028
In Germany, please contact:
• Udo Stoeckl, Principal and Managing Director, Frankfurt, Avison Young: +49 69 7593 7233
• Florian Hirt, Managing Director, Public Star, Wiesbaden: +49 611 395 395 (media relations)
Avison Young was a winner of Canada's Best Managed Companies program in 2011 and 2012 and requalified in 2013 to maintain its status as a Best Managed company.
Follow Avison Young Bloggers: http://blog.avisonyoung.com
Follow Avison Young on LinkedIn: http://www.linkedin.com/company/avison-young-commercial-real-estate
Follow Avison Young on YouTube: www.youtube.com/user/AvisonYoungRE
SOURCE: Avison Young Commercial Real Estate (BC)
For further information: Media Relations: Sherry Quan, 604.647.5098, 604.726-0959, email@example.com