The Cologne-based multi-family office for real estate DERECO sold a fully let core-segment retail property with office space in a premium location in Cologne to the German branch of Swiss Life AG. The divestment, which occurred by way of an asset deal, was performed in connection with an exclusive asset management mandate by a German single family office. Upon completion of the transfer, the house is going to be managed by the asset management department of Corpus SireoReal Estate GmbH, Cologne.

This outstanding property with approx. 2,000 sqm of rental space is directly located in a transition zone from trendy Ehrenstrasse to Breite Strasse, one of the top spots in Cologne. The building is unique since it is located on a corner opposite Willy-Millowitsch-Platz and still within the visual axis of Apostelnstrasse.

The main tenant of the property is Gravis Computervertriebsgesellschaft mbH.

The parties have agreed not to disclose any details concerning the selling price.

The buyers received advice on legal matters from Stock Aders Klein + Partner, Munich, tax-related advice from Dornbach GmbH, Munich, and technical consultancy services from Brand Berger, Munich. The selling party received legal advice from Loschelder Rechtsanwälte, Cologne, and consultancy services on fiscal matters from ECOVIS, Dusseldorf.

Multi-family office DERECO is planning to acquire additional properties. The focus will be on economically strong towns with a population from 50,000. New buildings across Germany between € 10m and € 40m are generally preferred as acquisitions. On the whole, DERECO favours multitenant buildings fit for various purposes, single-tenant projects not being in line with the company’s acquisition policy. DERECO has invested in mixed retail and office buildings in A1 locations and in new neighbourhood centres (new apartment buildings with retail facilities on the ground floor) in good urban areas and retail parks. DERECO’s current portfolio policy does not cater for office buildings or special-use properties such as hotels, care homes or logistics facilities.