aik buy Zollstock-Arkaden in Cologne
The Düsseldorf-based property investment company aik added Zollstock-Arkaden to their national portfolio for one of their real estate funds. The mixed-use building is located in Cologne’s district of Zollstock. The total investment costs for the property were around EUR 46 million. The seller Allianz Lebensversicherungs-AG, was represented by Allianz Real Estate Germany GmbH. The transaction was brokered by Greif & Contzen Immobilienmakler Gesellschaft mbH from Cologne.
Busy shopping arcade
The four-storey building that was constructed in 1991 is located to the south of Cologne’s city centre and it has a total floor space of around 15,000 square metres. Around 5,700 square metres are accounted for by retail space, around 3,500 square metres by office and clinic space and about 5,500 square metres are used for residential purposes.
There are 28 commercial units in the property and the housing part comprises 77 apartments with 1 to 4 rooms, most of which are equipped with a conservatory or a recessed balcony. The property also includes 246 underground parking spaces that are available to the tenants and in part to retail customers.
The shopping arcade is continuously well-frequented, thanks to its attractive mix of tenants including local supply facilities, a pharmacy, doctors’ offices, fashion shops and also a gym.
Zollstock: a trendy neighbourhood
The district is centrally located in the south of Cologne. It features well-designed infrastructure, including convenient links to public transport and to Cologne’s semi-circular access road known as “the belt” (Gürtel). “We are very pleased about this urban investment. It is an excellent fit for aik’s safety-oriented investment portfolio, thanks to its small mixed-use rental units,” says Dr. Hinsche, spokesperson for the company management.