Ardian, private equity investment firm, has agreed to acquire the “3 Höfe work” office project, currently under construction, located at 107-112 Lützowstrasse, in Berlin from LBBW Immobilien Development GmbH. This is the third investment of Ardian Real Estate in Berlin.
Located in close proximity to Potsdamer Platz and Gleisdreieck Park, the building will have approximately 18,000 m² of leasable area in one of Berlin’s most sought-after business districts. It is expected to be completed in the third quarter of 2021.
Bernd Haggenmüller, Managing Director at Ardian Real Estate Germany, says: “The 3 Höfe work building project complements our Berlin real estate portfolio. We already have a complex close to our new investment with the 105-106 Lützowstrasse acquired in December 2018, which also highlights the attractiveness of the Gleisdreieck district. We expect demand for office space in the center of Berlin to remain high and holiday rates to remain low. We are therefore considering rent growth as well as the value of this type of modern and attractive property. Berlin is known for its wealth of successful and diversified businesses and is therefore a key market for Ardian Real Estate, whose objective is to acquire and develop core-plus / value-add buildings in key European cities. “
This is the third investment of Ardian Real Estate in Berlin.Other investments made by Ardian Real Estate in Germany include office buildings in Berlin (Spichernstrasse and Lützowstrasse) as well as the Konrad and Heinemann Bogen office complexes in Munich.