AXA IM Alts, a global leader in alternative investments with c. €157 billion of assets under management, announces that it has completed the acquisition of Sellerstraße 31, an office building in Berlin. Purchased from a leading pharmaceutical company in a sale and leaseback transaction, AXA IM Alts intends to undertake a significant repositioning of the building. The acquisition has been made on behalf of clients through AXA IM Alts’ market leading Real Assets platform, which is the leading1 real estate portfolio and asset manager in Europe and is in joint venture with minority partner Quest Investment Partners.
Constructed in 1992, the property is located at 31 Sellerstrasse in the south-east corner of one of Berlin’s leading research campuses. It provides 15,573 sqm of lettable space over seven floors, with a roof terrace offering panoramic views across Berlin. The building benefits from its proximity to the Reinickendorfer Strasse underground station, which is located directly in front of the building, whilst BER airport is within a short drive time (25 minutes).
The campus is a key global hub for innovation and growth and occupies a central inner-city location between the extended government district, Europacity and Berlin-Wedding. The sub-market, which has a high concentration of businesses operating in the research, education and health sectors, has been characterised by a significant fall in office vacancy, underpinned by strong take up and a lack of new development. Berlin is one of Europe’s up-and-coming international centres for innovative business start-ups and records high annual growth rates in employee numbers.
Subject to the necessary approvals, AXA IM Alts intends to undertake a significant repositioning programme on expiry of the current lease, to deliver a highly amenitised modern building with strong sustainability credentials which is aligned with the future way of working.
The transaction continues AXA IM Alts strategy of undertaking asset management initiatives in Germany on behalf of its value- add strategies. Following the acquisition of Elisenhof, a mixed-use, multi-tenant property in the city centre of Munich, AXA IM Alts has generated significant rental and capital growth through a considerable refurbishment and expansion of the retail offering and diversifying the tenant mix which completed in 2020. In June last year, AXA IM Alts launched the construction of The Mark, its flagship new office development in Munich, Germany, which will offer c. 55,000 sqm of office space spread across two buildings of up to eight storeys and centred around a landscaped forecourt and three courtyards. AXA IM Alts is also currently undertaking a repositioning and development of the Techno Campus, a landmark office complex in Berlin.
Source : Company