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Cologne investment market – first quarter of 2020

Two large transactions in Q1 2020 have ensured that the Cologne investment market still achieved a good overall result and a "normal" start to the year.

Cologne investment market: Two major deals lead to good results in Q1 2020

As the second largest deal is still confidential, we can only report on the largest deal in advance. With a purchase price of approximately €200 million at the start of the year, the Cologne investment market achieved a good quarterly result with a transaction volume of €480 million. This volume almost matched the good result from the previous year (Q1 2019: €503 million).

The joint venture between Art-Invest and OSMAB sold the two projects in I/D Cologne in Cologne-Mülheim, the Haus am Platz and the Patiohaus, to BNP REIM. Further deals in the mid-segment (between €25 million and €50 million) contributed to the good result.

We are currently seeing very different developments. Large transactions are most affected by the current global crisis. Some deals are currently being postponed or put on hold for the time being. On the other hand, however, there are financially strong family offices, wealthy private individuals, pension funds, and foundations that are benefiting from the high level of transaction security in the current situation.

Nevertheless, we expect purchase prices to remain stable in Cologne. There may be isolated slight declines in more severely affected assets, such as hotel and retail properties in high street locations.

We assume that the effects of Covid-19 will only become apparent in the course of the year, as the investment market is also dependent on developments in the rental markets. In this context, it will also be important to see how long the current measures remain in place. It is therefore difficult to make a forecast for 2020 as a whole at this stage.

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