Ardian, a world-leading private investment house, has signed an agreement with Conren Land AG to acquire an office complex at Spichernstrasse 2-3 in the City West district of Berlin.
Located in the heart of Berlin, the property has around 12,600 square metres of rental space. The acquisition represents the third transaction by the Ardian Real Estate Europe Fund (AREEF) in Germany and the eighth overall. The fund has assets under management of more than €700 million.
Continuously maintained since it was built in 1993, the complex fulfils modern office standards. Furthermore, it is situated in an attractive location south of the prime City West area – Berlin’s premier office district. The complex is in the direct vicinity of two major shopping streets, Kurfürstendamm and Tauentzienstrasse, and the KaDeWe department store. Located beside the Spichernstrasse underground station, the property has excellent connections to local public transport. The eight-storey building, which has an impressive roof terrace, has a maximum rental area of 1,750 square metres per floor. Each floor can be divided into three separate rental units with a minimum size of 380 square metres, allowing the space to be used efficiently and flexibly. A two-storey underground car park with 80 parking spaces is also part of the property.
The building is fully let to eight companies at present. No financial details of the transaction are to be disclosed.
Bernd Haggenmüller, Managing Director, Ardian Real Estate said: “As one of the leading cultural, political and business centres in Europe, Berlin is well known for its dynamic innovation and start-up scene. City West is an attractive office location in Berlin, characterised by high demand for office space and low vacancy rates. We see considerable potential for both rental income and value growth in the core-plus property that we have now acquired in Spichernstrasse, which we intend to realise using our asset management expertise. It fits perfectly into the AREEF investment strategy, in which we acquire and develop attractive core-plus and value-add properties in key European cities.”
Other investments made so far by Ardian Real Estate include the Konrad office complex, the Heinemann Bogen office complex (both located in Munich), four office buildings in Paris and an Italian portfolio with office properties in Milan and Rome.
Source : Company