Historic Office Complex in the Industrial Area of Cologne-Mülheim is Firm’s First-Ever Acquisition in Germany
Global real estate company Jamestown today announced the acquisition of three historic office buildings in the up-and-coming Mülheim area of Cologne – the city that is home to Jamestown’s European headquarters. The acquisition marks the firm’s first-ever acquisition in Germany, and its second in Europe in less than a year.
Formerly an industrial neighborhood, Mülheim has, over the past decade, become a thriving area of redevelopment that attracts companies seeking creative spaces. Constructed between 1890 and 1914, the buildings at Schanzenstrasse 22, 24, and 28 are home to a mix of multi-media and entertainment companies, including prominent television production company Brainpool TV. The 34,545-square meter buildings are an attractive blend of post-industrial architecture. Jamestown purchased the buildings with two institutional investors from a group of private investors.
“We have been investing in US real estate from Cologne for 37 years. Our first project in Germany is an important milestone for Jamestown. One of our core competencies at Jamestown is the revitalization of old industrial buildings and we see great potential for this in Europe as well,” said Christoph Kahl, Chairman of Jamestown.
Jamestown has a long track record of revitalizing historic, industrial buildings into neighborhood destinations and office hubs specializing in technology and content creation. This development strategy has proven to be an economically, socially, and environmentally responsible alternative to new construction. Jamestown prides itself on preserving cities’ industrial pasts, while bringing new life into local communities. Its leadership team continues to see many opportunities to expand this adaptive reuse strategy across Europe, with its rich industrial heritage and strong urban cultures.
“We are excited to add Schanzenstrasse to our growing European footprint. Technology, media, and content firms are resilient, durable sectors that are thriving in the current market. Our focus is on mixed-use projects that create ecosystems where businesses can connect to one another and the consumer. Mülheim, and our other neighbors, are part of that ecosystem,” said Michael Phillips, President of Jamestown.
Jamestown worked with DLA Piper and the seller with McDermott, Will & Emery for legal counsel. The seller was represented by Tresono Family Office. The property will be managed by Apleona Real Estate GmbH.
Since it was established in 1983, Jamestown has been a recognizable name in Germany for operating real estate funds and as a leading landlord and property manager of mixed-use projects in the U.S. that offer commercial office, residential, and retail spaces.
Jamestown made its first European acquisition in December 2019, when it bought the historic Groot Handelsgebouw in Rotterdam, the Netherlands. The company’s roughly $12 billion / EUR 10 billion portfolio includes some of the most iconic buildings and landmarks in the U.S. including One Times Square in New York, Ghirardelli Square in San Francisco, and Ponce City Market in Atlanta.
Jamestown was established in 1983 as an investment and management company focused on income-producing real estate in the United States. Since then, Jamestown has grown its portfolio of assets in key markets throughout the U.S. and expanded its investment footprint to South America and Europe. Jamestown’s capabilities include acquisitions, capital markets, property management, asset management, retail leasing, design, sustainability, and risk management. Jamestown has headquarters in Cologne, Germany and Atlanta, Georgia and offices in Amsterdam, New York, Boston, San Francisco, Los Angeles, and Bogota, Colombia. For more information, visit www.jamestownlp.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201110005543/en/