Principal Asset Management divests German portfolio

Principal Asset Management has divested three properties totalling 19,700 m2 from a German open-ended Spezialfond. 

Ole Sichter

The sales include an office and retail building in Cologne's Komponisten-Viertel district (Händelstraße 15) to Dana Invest. This 4,600 m2 property has long-term leases with public sector tenants for office space and Rewe for retail.
Another office and retail building in Cologne's Mülheim district (Clevischer Ring 7) was offloaded to Blackbear Real Estate. This 3,500 m2 property's office space is also leased to public sector companies.
Additionally, a car park with approximately 400 spaces in Düren (Schützenstraße 24) was sold to Contipark, which is under a long-term lease to Saba.
Ole Sichter, managing director, head of Transactions Germany at Principal Asset Management, said: “As a long-term hold for our investor, we are pleased to have found a suitable buyer for our assets in an ongoing challenging market environment”.
Principal was advised by Savills on the sales.