PGIM Real Estate has acquired the STREAM office tower in Berlin from SIGNA. The acquisition is part of a forward deal on behalf of German and Swiss institutional investors.
The modern office tower in Berlin is currently under construction and will be erected directly at the Mercedes-Benz Arena.
With a height of around 90 meters, an above-ground gross floor area of around 50,000 m² and around 2,500 workplaces in the future, the building is an architectural landmark that will shape the cityscape.
The main tenant of the office tower will be Zalando, which became Europe’s leading online fashion platform. Construction began in early 2019. Completion is scheduled for the end of 2021.
“Mediaspree reflects the positive economic development Berlin has enjoyed in recent years like no other district. The location has evolved into an excellent market for office space and is especially popular among companies from the technology, media and telecommunications sector. The STREAM stands out with its striking architecture and an excellent tenant. PGIM is acquiring one of the highlights of the Mediaspree on behalf of its investors,” said Timo Herzberg, CEO of SIGNA Real Estate Germany.
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“We believe Berlin is an exciting market that offers great potential, especially in the office segment. This is mainly due to continuing tenant demand combined with the low amount of space available. Accordingly, we are delighted that we have been able to make another acquisition for our institutional investors as part of our investment strategy within an extremely short period of time. That this acquisition yields them an attractive increase in value and a constant return going forward is all the more gratifying,” said Sebastiano Ferrante, Head of Germany and Italy at PGIM Real Estate.