Hines, the international real estate firm, has acquired the Atrium Charlottenburg, a Berlin office property, for €160 million on behalf of the Hines European Value Fund (HEVF).
The building consists of up to nine floors of offices and offers a Net Rentable Area (NRA) of 40,000 square meters.
Located on Berlin’s Kaiserin-Augusta-Allee, the building is 100% leased to tenants including Land Berlin, Jobcenter Berlin Charlottenburg-Wilmersdorf and Fraunhofer FOKUS.
The acquisition of Atrium Charlottenburg is HEVF’s first investment into the Berlin office property market and the seventh investment by the Fund since December 2017. Over 65% of the Fund’s €721 million investor equity commitments are now allocated to a diversified portfolio including office, retail, hotel, residential and logistics in Germany, Denmark, Spain and the UK.
”The city attracts a highly diversified occupier base for office space, including research and technology.”
Paul White, HEVF Fund Manager, said, “The acquisition of the Atrium Charlottenburg demonstrates HEVF’s strong belief in the Berlin market and strong rental growth. The city attracts a highly diversified occupier base for office space, including research and technology. The fundamentals in Berlin are exceptionally strong with a positive trajectory for rents. The asset offers an attractive balance of secure income alongside the opportunity for value creation.”
Landesbank Hessen-Thüringen Girozentrale (HELABA) served as the financing bank in this transaction. Hines was legally supported by Pöllath + Partners, technically supported by Arcadis, and tax as well as structure advise was provided by BakerTilly. BNP Paribas Real Estate acted as transaction advisor on behalf of the vendor.