PDF Version 110.9 KB

Four properties in TechnologiePark sold to DIC this year

December 9, 2021 – TPG Real Estate Partners (“TREP”), the dedicated real estate equity investment platform of global alternative asset firm TPG, announced today that it has sold three properties in TechnologiePark, an office park in Cologne, Germany, to DIC Asset AG (“DIC”) for a total of approximately EUR 267 million. The properties sold include the Forum, New Technology Center (NTZ), and Office Center West (OCW). The transaction follows TREP’s sale of the Mercedes-Benz Center, a regional car showroom hub and full-service center in TechnologiePark that was acquired by DIC in April 2021 for a net purchase price of EUR 65 million.

Together, the three office properties span more than 60,000 square meters (sqm) of total rental area across Ehrenfeld, one of Cologne’s most popular office districts with more than 300 companies and 6,000 employees. The properties are situated close to the Cologne Central Station, Cologne City Forest, and A1 highway, with nearby restaurants and supermarkets. The Forum, NTZ, and OCW serve a prominent group of primarily public sector tenants with long-term rental agreements. The Mercedes-Benz Center is a hybrid-use asset that is currently leased to long-term tenant Daimler AG.
 
“We invested in TechnologiePark because of the quality of the properties and our view of Cologne as an accessible and growing city,” said Michael Abel, Partner at TREP. “Over the course of our ownership, we have implemented operational and asset management initiatives to help retain and attract the properties’ strong tenant base. We are confident the properties will continue to prosper under DIC’s management and look forward to supporting the remainder of the TechnologiePark portfolio.” 

TREP acquired TechnologiePark in 2019. The office park includes seven Grade A properties spanning approximately 116,000 sqm of total rental area. CBRE and Freshfields Bruckhaus Deringer advised TREP on the sale of the office properties. Both firms advised TREP on its initial acquisition of TechnologiePark.

-Ends-

 

About TPG Real Estate Partners
TPG Real Estate Partners ("TREP") is the dedicated real estate equity investment platform of global alternative asset firm TPG. Today, TREP has $5.5 billion of assets under management. Since its inception in 2009, TREP has built a differentiated investment portfolio comprised primarily of real estate-rich platforms and portfolios located in the United States and Europe. TPG was founded in 1992 and now has approximately $109 billion of assets under management with investment and operational teams in 12 offices around the world. For more information, visit www.tpg.com.

Media Contacts
Alex Jones, Michael Russell, Daniel Oliver
tpg@greenbrookpr.com