COLOGNE, Germany—Avison Young says its investment management group has advised two pension funds in the acquisition and financing of a mixed-use property at Weisshausstrasse 20-30 in Cologne.

The seller of the six-story building complex was advised by SVP Global and represented in the transaction by Nexus Capital Advisors GmbH & Co.KG and McDermott Will & Emery.

Avison Young, which was advised by Linklaters LLP, will serve as asset manager and leasing agent for the property. IC Property Management GmbH has been retained to provide property management.

The asset, located in Cologne's south-central district Cologne-S lz, is an almost fully-leased (96%), mixed-use building with Real Hypermarket as the anchor tenant. The building is located next to various key Cologne public transit routes and the University of Cologne.

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.

The transaction represents the second investment in Germany for the two pension-fund clients within the past eight months, and further expands the mandate for Toronto-based Avison Young outside of North America. Terms of the transaction, which closed November 27, were not disclosed.

"We are excited to be announcing this second transaction for our client in Germany this year," comments Udo Stoeckl, Avison Young principal and managing director of the company's Frankfurt office. "We look forward to continuing to provide our clients with cross-border transaction advice and best-in-class opportunities in a broad range of asset types in Europe."

Thursday's announcement comes on the heels of Avison Young launching its presence in Germany with the opening of a new office in Frankfurt on December 1. Avison Young Principal Amy Erixon, who heads up Avison Young's investment management business, says the deal represents another important step in the evolution of Avison Young's global investment business beyond North America.

"Acquisition of this high-quality, mixed-use property at a discount to replacement cost complements our existing German portfolio by providing retail exposure and critical mass for our apartment holdings,” Erixon said. “We continue to look for well-located, credit-tenanted properties that can be acquired at better cap rates than are available for comparable properties in Canadian markets."