Patrizia has bought an office property in central Berlin, Germany, from Real Capital Holding, an investment manager focused on real estate investments in Germany. The purchase price was not disclosed.
The property provides 13,300 sqm of space on a plot of 3,667 sqm, which is almost entirely let for another ca. 3.5 years to the Finanzamt Berlin Mitte–Tiergarten under a lease from the BIM Berliner Immobilien Management.
The office property in central Berlin consists of a 6,800 sqm historic loft building with high ceilings, constructed in 1900, in the backyard and a prefabricated 8 story building in the front, which was built in 1988.
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The property is located on Neue Jakobstraße in the Berlin-Mitte district between Alexanderplatz and Kreuzberg. The micro location has good local amenities with a number of shops, restaurants, government buildings and historic sites nearby, as well as several recently developed high end residential buildings. The property also benefits from excellent transport links with three U-Bahn stations and one S Bahn station less than a 10-minute walk away.
”Despite the challenges of COVID-19, we are confident in the future of well-located offices in key locations such as central Berlin.”
“This was a great opportunity to acquire a good quality, well connected asset in an improving submarket which is let to a high-grade tenant with government-backed income. The asset also offers the opportunity in the medium term to drive rental growth via multiple asset management angles, including a pure reletting, a larger refurbishment and even a partial redevelopment case. We strongly believe that we can deliver the upside potential to our investors with our local asset management expertise. Despite the challenges of COVID-19, we are confident in the future of well-located offices in key locations such as central Berlin,” said Ulf Christiansen, Head of Acquisitions Value Add at Patrizia.