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Cologne: Swiss Life KVG buys Kaufhof headquarters
Swiss Life Asset Managers has purchased the former Kaufhof headquarters in Cologne for investment management firm Swiss Life KVG. The office complex on Leonhard-Tietz-Straße with about 38,000 sqm total floor space is currently being converted into the Europe Service Center of Kaufhof parent company HBC. The seller is WealthCap’s closed-end real estate fund HFS Deutschland 16. The deal had been announced in January, as reported, and is now completed. Swiss Life reports the purchase price to be in the triple-digit millions. Market circles are speaking of over €100mn. The lease with HBC was extended last summer until the end of 2028. According to WealthCap, the value of the asset increased by more than 30% while it was part of the HFS fund portfolio. German Swiss Life subsidiary Corpus Sireo was responsible for the sale and due diligence, legal advice was provided by Pöllath + Partners. JLL brokered the deal as transaction consultant.
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