Irish investor buys Neumarkt Galerie out of insolvency – Property EU

Irish private equity firm Signature Capital has acquired one of Cologne’s major landmarks, the Neumarkt Galerie mixed-use complex, from administrator Markus Heider of Goerg for around EUR 130-135 mln, well-informed market sources told PropertyEU.

The price represents a nearly 25% discount to the amount paid by the former owner, Irish investor Quinlan Private, back in September 2006. According to sources, the yield is between 6 and 6.5%.