International real estate advisor Savills, alongside Dahlke Real Estate, has launched the sale of the Zanzibar Portfolio comprising two retail assets in Cologne, Germany, on behalf of Parkwood. The two long-let assets are ideally situated in established retail locations west of the city centre and comprise a total of 18,924 sq m. The properties being marketed for a guide price of approximately €30 million.

The schemes are 99% retail with 93% of income attributed to three well known national retail tenants Hit, MEDA and Dassbach. The properties bring in an annual income of approximately €1.94 million.

The Marsdorf asset is located at Max-Planck Strasse 21-25 and comprises a total 11,700 sq m. It is let to MEDA and Dassbach. The Braunsfeld retail property is situated in Schweidtweiler Strasse 83-87 and is let principally to Hit, as well as five other retail tenants. The asset, which comprises a total 7,224 sq m, also includes 12 residential units with the potential for further residential development opportunities.

Oliver Fraser-Looen, Savills Cross Border Investment director, says: “Both of these properties are situated in established shopping destinations and benefit from well developed infrastructure and accessibility. German retail properties are perceived as one of the most stable asset classes in Europe by investors with almost €10 billion transacted in the sector in 2013.”