Ashurst advises EQT on sale of Technologie Park in Cologne
Ashurst advised Swedish investment company EQT and its Real Estate Fund I on the sale of Technologie Park Köln, located in the Ehrenfeld district of Cologne, to US financial investor TPG Real Estate Partners. The parties agreed not to disclose the purchase price.
Technologie Park Köln contains seven assets, comprised of six office properties with an area of approximately 81,500 sqm and a Mercedes-Benz showroom along with a service centre spanning approximately 35,000 sqm. The properties with 97 percent of total occupancy had formed part of the EQT portfolio for three years after having been acquired out of an insolvency in EQT's first direct investment in Germany. During this period, EQT made value-enhancing investments in the physical structure of the buildings and implemented continuous lease renewals and extensions in order to stabilise the income profile.
The Ashurst team was led by partner Nicolas Deuerling (Real Estate). He was assisted by partner Jan Krekeler (Corporate), partner Dr Anders Kraft (Tax), partner Derk Opitz (Finance) and counsel Bernd C. Bäumer (Real Estate, all Frankfurt), counsel Paul Witte (Corporate, Luxembourg), senior associate Anna-Maria Krekeler (Corporate) and associate Florian Wörner (Real Estate, both Frankfurt).
Ashurst regularly advises EQT on real estate transactions in Germany and acted as EQT's legal adviser on the purchase of Technologie Park Köln in 2016.
EQT is a leading investment company with more than €62 billion in raised capital and around €41 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than €21 billion and approximately 127,000 employees.
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