CMS advises Allianz on sale of Zollstock-Arkaden property in Cologne

Stuttgart – Allianz has sold the Zollstock-Arkaden residential and commercial building in the Zollstock district of Cologne. The tenanted property was acquired by aik Immobilien-Investmentgesellschaft mbH for one of its special real estate funds. Built in 1991, the four-storey property is located south of downtown Cologne and offers total floor space of around 15,000 square metres. Retail premises account for some 5,700 square metres of the rental area, with approximately 3,500 square metres being devoted to offices and medical practices. The 77 residential units cover around 5,500 square metres. The transaction is worth around EUR 46 million.

A CMS team headed by lead partner Dr Volker Zerr advised Allianz Real Estate Germany on the legal aspects of the sale. The team led by the Stuttgart-based partner regularly advises Allianz on its real estate transactions, including its acquisition of the landmark office project THE ICON VIENNA, the sale of the Cloud 9 real estate portfolio to Patrizia and the acquisition of the Kap West development project in Munich from OFB.

Allianz Real Estate Germany is responsible for real estate investment and asset management by the Allianz companies in Germany, Austria, Eastern Europe and Scandinavia, and manages a real estate portfolio with a market value of around ten billion euros. It is a subsidiary of Allianz Real Estate, which forms the strategic umbrella for Allianz’s worldwide real estate investments.

CMS Germany

Dr Volker Zerr, Lead Partner
Dr Martin Prothmann, Senior Associate, both Real Estate & Public

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