BlueRock Group AG (BlueRock Group), a real estate investment and asset manager based in Zurich, has sold an office property in Cologne from BlueRock Fund PCC Ltd. to an international industrial company. The sale price is in the mid double-digit million euro range. In the midst of the ongoing challenges in the office sector, the transaction exemplifies the ongoing development of the portfolio's orientation.
"For some time now, we have been analysing the structural changes in the market environment, especially in the office segment, very closely and selectively adjusting our allocation. We see growing potential in the residential sector, especially in Berlin. The transaction in Cologne illustrates how we develop existing investments along long-term plans and make targeted reallocations in order to further develop our portfolio in a future-oriented manner. Nevertheless, we will continue to selectively examine office investments. Because if the price and story are right, there are good entry opportunities for our investors," explains Ronny Pifko, CEO of the BlueRock Group.
The property sold was built in 2000 on a plot of land measuring around 7,000 square metres and extensively renovated in 2012. It has a total lettable area of around 8,100 square metres. The sale marks the successful completion of a planned property cycle. The legal advice on the seller's side was provided by Heussen Rechtsanwaltsgesellschaft mbH.
"This sale is the result of a stringent property strategy. At the same time, it stands for our fundamental attitude of regularly evaluating every investment and reacting flexibly to changing conditions – without losing sight of our overarching goals," emphasizes Ronny Pifko.
