In March 2023, Hines acquired a vacant c.16,000 square metre office property, 91SAX, also known as Panther & Leon, in central Cologne, on behalf of its Hines European Real Estate Partners III fund (HEREP III).
HEREP III’s vision focuses on an ESG strategy which intends to pursue a net zero carbon neutral operation. The two acquired buildings are located at Sachsenring 91 with the aim of re-generating them into prime, next-generation and sustainable office stock as part of a comprehensive renovation plan. The intention is to retain large parts of the existing buildings, designed by architect Egon Eiermann, while transforming the building by introducing measures to address sustainability alongside high-quality furnishings, green courtyards and roof terraces to create additional value for future tenants.