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Momeni Immobilien sells German mixed-use project for €140M

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Momeni Immobilien sells German mixed-use project for €140M

German real estate developer Momeni Immobilien Holding GmbH divested for €140 million the Wallarkaden office-and-retail project in Cologne, Germany, to a group of local pension funds under a forward-sale deal, Property Investor Europe reported.

The Aerzteversorgung Niedersachsen, Sachsen-Anhalt, Mecklenburg-Vorpommern, Tieraerzteversorgung Niedersachsen and Steuerberaterversorgung Niedersachsen pension funds were the buyers of the property, the news outlet added, citing a release by Momeni.

The eight-story project will offer about 20,000 square meters of gross floor area in the city's central business district upon completion by 2021, PIE reported.