Dream Global REIT has announced its largest single asset transaction to date with the purchase of Cologne Tower, a LEED gold office property dominating the skyline in Cologne, Germany.

The Trust signed a sale and purchase agreement for the 297,000-square-foot building for about $159.7 million, expected to close mid-November.

“We are excited to have added such a landmark property in one of Germany’s top office markets to our portfolio,” said Jane Gavan, chief executive officer of Dream Global REIT. “With this acquisition, we are not only increasing our presence in one of Germany’s ‘Big 7’ office markets, but will own Cologne’s most recognizable office tower.”

Extensively renovated in 2012, the property houses prestigious tenants such as IQWiG, a scientific institute sponsored by the German Federal Government, Boston Consulting Group, Swiss Life Select and Liberty Mutual Group.

Also acquired during the company’s most active leasing quarter to date is the multi-tenant office property Europahaus in Darmstadt Germany. Located 30 kilometres south of Frankfurt, this fully leased tower was purchased for $57 million and adds 211,000 square feet of high quality office space to the Trust’s portfolio.

Dream Global currently owns a $3-billion portfolio of German offices and real estate