Hamburg-based real estate group Hamburgische Immobilien Handlung (HIH) has acquired the maxCologne project from developer Hochtief prior to the start of construction. The office project in Cologne has been purchased for an institutional special fund of Warburg-Henderson in which Rheinische Versorgungskassen is the sole investor. The financial details were not disclosed but Thomas Daily reported the investment volume to acquire maxCologne and anotehr property was EUR 235 mln.

The landmark complex on Kennedy-Ufer is being extensively refurbished. Originally completed in 1969, the high rise and the adjacent terrace building which was developed in 1978 will be upgraded to the latest new construction standard and refurbished on the basis of sustainability criteria:

Hochtief said that around 46,000 m2 of rental space at maxCologne will, as far as possible, be heated and cooled using renewable energy. The project developer is aiming to obtain Gold certification for the building from the German Sustainable Building Council (DGNB).

The energetically optimized glass facade, the terraces and the flying roof are the result of a competition amongst internationally renowned architecture firms held in 2009. The complex, directly adjacent to the Rhine embankment offers flexible office space with an unobstructable view of Cologne Cathedral and the old city.

'MaxCologne has proved itself as an attractive capital investment. Its sale at this early stage of the project and in the present market climate bear witness to the project’s unique nature and sustainable value,' said Robert Bambach, managing director of Hochtief Projektentwicklung.