COLOGNE, Germany—Avison Young says itsinvestment management group has advised two pension funds in theacquisition and financing of a mixed-use property atWeisshausstrasse 20-30 in Cologne.

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The seller of the six-story building complex was advised bySVP Global and represented in the transaction byNexus Capital Advisors GmbH & Co.KG andMcDermott Will & Emery.

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Avison Young, which was advised by LinklatersLLP, will serve as asset manager and leasing agent for theproperty. IC Property Management GmbH has beenretained to provide property management.

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The asset, located in Cologne's south-central district Cologne-Slz, is an almost fully-leased (96%), mixed-use building withReal Hypermarket as the anchortenant. The building is located next to various key Cologne publictransit routes and the University of Cologne.

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The property comprises 260,600 square feet(sf), or 24,207 square meters (sqm), of total leasable area,including 142,100 sf (13,204 sqm) of retail space, 68 apartments,and 50,780 sf (5,349 sqm) of office space.

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The transaction represents the second investment in Germany forthe two pension-fund clients within the past eight months, andfurther expands the mandate for Toronto-based Avison Young outsideof North America. Terms of the transaction, which closed November27, were not disclosed.

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"We are excited to be announcing this second transaction for ourclient in Germany this year," comments UdoStoeckl, Avison Young principal and managing director ofthe company's Frankfurt office. "We look forwardto continuing to provide our clients with cross-border transactionadvice and best-in-class opportunities in a broad range of assettypes in Europe."

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Thursday's announcement comes on the heels of Avison Younglaunching its presence in Germany with the opening of a new officein Frankfurt on December 1. Avison Young Principal AmyErixon, who heads up Avison Young's investment managementbusiness, says the deal represents another important step in theevolution of Avison Young's global investment business beyond NorthAmerica.

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"Acquisition of this high-quality, mixed-use property at adiscount to replacement cost complements our existing Germanportfolio by providing retail exposure and critical mass for ourapartment holdings,” Erixon said. “We continue to look forwell-located, credit-tenanted properties that can be acquired atbetter cap rates than are available for comparable properties inCanadian markets."

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.