Avison Young, a real estate services company, is set to be the asset manager of a mixed-use complex at Luxemburger Strasse/Barbarossaplatz in Cologne, Germany, after it advised two Canadian pension funds in the acquisition and financing of the complex.
It is said to be the first direct investment in Germany for the Canadian pension-fund clients, and the inaugural asset-management mandate for Avison Young outside of North America.
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Frankfurt-based DekaBank’s real estate lending team facilitated long-term debt for the acquisition.
CBRE has represented Allianz Real Estate Germany during the complex sale, which was being sold on behalf of Allianz Life Insurance.
Avison Young principal and managing director Udo Stöckl said that the company is delighted to have facilitated more North American investment management clients to foray into European real estate market.
"Our European and North American investment teams worked seamlessly across borders to provide the same level of service that our clients expect in North America. For our growing European team, it was also an exciting opportunity to introduce North American clients to an entirely new market that was previously unfamiliar to them," added Stöckl.
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By GlobalDataWith around 179,600ft2 of leasable area, the asset is a fully-leased modern office building with an adjacent mixed-use tower situated in the Cologne central business district. The complex also features 156,100ft2 of office space, 4,413f2 of retail space and 11 residential units.
