The Sternengasse property in Cologne was acquired in an off-market transaction in the first quarter of 2018 through a joint venture with Tristan Capital Partners. The office complex comprises approx. 40,000 sq.m. of rental space, which is spread over seven different structures of up to 18 floors.

The long-time primary tenant, Deutsche Telekom AG, operates a number of data traffic hubs within the structure which are critically important to Germany and Europe. Originally built as a telephone exchange, the high-rise structure is still readily recognisable by its rooftop communications masts.

Under the terms of a new lease agreement signed in 2019, approx. 14,000 sq.m. of rental space remains under long-term lease to Deutsche Telekom.

In addition, through the return of the remaining sections of the complex to the property owner, the approx. 21,900 sq.m. of gross floor space can now be redeveloped to create new future value.