French private equity investment firm Ardian has sold an office building at Spichernstrasse 2 in the City West district of Berlin to an institutional investor.
Built in 1993, the property is located in the heart of Berlin, and has around 13,000 sqm of rental space.
Ardian’s Real Estate team acquired the property in 2018 and has since overseen an extensive renovation of the building. In particular, the lobby, common areas and the roof terrace have all been significantly renovated, with additional investments being made in improving the infrastructure of the asset.
Consequently, the property has received a “WiredScore Gold” rating, which signifies very high-quality digital infrastructure and a highly reliable Internet connection. The asset has also achieved a “very good” BREEAM score – BREEAM is a certification system established in the real estate industry for assessing the sustainability of buildings.
In addition, the building is now 95% occupied, with Ardian having agreed long-term new and follow-on leases with a number of tenants, including the Berufsgenossenschaft für Gesundheitsdienst und Wohlfahrtspflege (BGW) and the companies KVL and TenBrinke, which are active in the real estate sector.
“The sale of the office building in Berlin’s Spichernstrasse confirms that quality, sustainability and location prevail even in the current challenging market environment. The newly awarded certifications also reflect two of our focus areas in real estate development: sustainability and digital infrastructure.” Nico Rheims, Managing Director, Ardian
The purchase agreement was signed on December 2022. The parties have agreed not to disclose financial details of the transaction.