pbb has provided DIC Asset AG EUR 128 million for the purchase of an office portfolio in Cologne.
The portfolio consists of three office properties, which are located in the Braunsfeld and Ehrenfeld districts and are characterised by central accessibility. Together, the properties offer approximately 60,000 m² of rental space with around 900 parking spaces. The majority of the rental space is let long-term to a single public sector tenant.
Gerhard Meitinger, Head of Real Estate Finance Germany at pbb, said: "We are delighted to be able to support our long-standing client DIC Asset AG in another transaction. Despite the Covid-19 pandemic, we see an unchanged pronounced demand for office properties, which is encountering a very low supply of contemporary office properties in central locations."