- EQT makes its first acquisition in German real estate – a 116,155 square metre office park located in close proximity to Cologne’s central business district for a purchase price of EUR 188 million
- The park is acquired out of insolvency. EQT has identified a number of value-add strategies, with a focus on updating the physical structure of the buildings and to improve the tenant experience in the park, in order to re-gear leases
- Ability to participate in a growing, tightly supplied Cologne office market, likely to experience substantial rental growth in the medium to near term
EQT is pleased to announce its debut investment into the German real estate market with the acquisition of this high-quality office park in western Cologne. Securing the deal has provided EQT with an opportunity to create value through hands on asset management and the injection of Capex/TI’s which will re-balance leases and maintain the quality of the assets. The transaction has placed EQT in prime position to take full advantage of the demand and supply imbalances across Cologne, driving occupancy and rent.
The acquisition comprises 7 different office buildings located within the park. Each building is accompanied with an element of parking, with a total of 2,863 spaces.
Edouard Fernandez and Robert Rackind, Partners and Real Estate co-heads at Investment Advisor EQT Partners, commented: “Technologiepark is a further example as to the breadth and depth EQT has in the European real estate market and the ability to successfully compete for sizeable deals at the highest level. This transaction highlights the variety of investments EQT is able to take on.”
Lennart Blecher, Deputy Managing Partner at Investment Advisor EQT Partners, and Head of EQT Real Assets, commented: “This deal in addition to the two Paris deals recently closed shows EQT's ability to ramp up and integrate a successful real estate strategy into its market-leading platform.”
Ashurst acted as legal advisor to EQT, BNP Paribas Real Estate has provided strategic advice, with the technical due diligence carried out by Drees & Sommer.
JAFFÉ, the law and insolvency practice, is the bankruptcy administrator of NARAT GmbH, the seller. Noerr LLP acted as legal advisor to JAFFÉ. Ziems & Co and JLL provided strategic advice to the bankruptcy.
Robert Rackind, Partner at Investment Advisor EQT Partners +44 207 430 5555
Edouard Fernandez, Partner at Investment Advisor EQT Partners +44 208 432 5411
EQT Press Office +46 8 506 553 34
EQT is a leading global private equity group headquartered in Stockholm, with approximately EUR 30 billion in raised capital. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 15 billion and approximately 100,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
Investment Advisor EQT Partners formed a real estate initiative in 2015, to identify investment opportunities in the real estate sector. The Real Estate team consists of 11 investment advisory professionals with vast experience in the European real estate sector.
For further information, please visit www.eqtpartners.com