Hamburg Commercial Bank finances purchase of properties in “Kölnisch Quartier”
Hamburg, July 24, 2019 - Hamburg Commercial Bank is providing the Swiss East Guardian Asset Management AG with EUR 95 million for the purchase of two commercial properties in Cologne. The parties have agreed not to disclose the purchase price.
The purchased properties are two mixed-use properties built in 1997 and 1950 on the former production site of the "4711-Perfume" in Cologne-Ehrenfeld. The district called “Kölnisch Quartier” has developed into a lively neighbourhood in recent years. It has good public transport connections and is about two kilometres away from Cologne city centre. The two multi-tenant properties acquired by East Guardian comprise nearly 50,000 sqm, of which around 26,000 sqm are used as office and storage space, 9,000 sqm as living space and around 15,000 sqm for retail. The retail space is almost fully let on a long-term basis to companies with good solvency; Kaufland is the anchor tenant with a share of around one fifth. More than 1,000 underground parking spaces are available in the buildings.
East Guardian Asset Management AG is a family office based in Zurich. CEO Erik Wigertz said, "A glance at history on the site, as a production plant for the famous 'Eau de Cologne', makes this deal something special. Hamburg Commercial Bank has known the district for years and has been at our side at all times with its comprehensive know-how". East Guardian was advisedby BLUE Asset Management.
Peter Axmann, Head of Real Estate Clients at Hamburg Commercial Bank, said, "With East Guardian we have gained an experienced investor as a new client for our bank and we are looking forward to a good cooperation. The ‘Kölnisch Quartier’ has developed magnificently over the past few years and is very much sought after. Not least thanks to good infrastructure, shopping facilities, kindergarten and doctors, Ehrenfeld has become an attractive place to live and work." HCOB was advised on the transaction by Taylor Wessing.
The information contained in this press release does not constitute an offer for the sale of any type of Hamburg Commercial Bank AG securities. Securities of Hamburg Commercial Bank AG may not be sold in the United States without registration pursuant to US securities legislation, unless such a sale takes place on the basis of relevant exceptional provisions.
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