Le mie ricette per la real estate community
Commodus, a private equity investor with a focus on value-add investments in commercial real estate, has secured over 120,000 square meters of office space in the center of Berlin with the purchase of a second building half at the former AEG site near Brunnenstrasse. In the transaction closing in the end of 2019, the investment company acquired the second part of the building at Gustav-Meyer-Allee 3 with another c. 60,000 square meters of rental space and a parking lot with 1,640 parking spaces. The purchase was made possible by acquiring the share majority of a closed-end fund.
In 2018, Commodus acquired the first part of the building, which also has around 60,000 square meters of rental space.
Dr.
Matthias Mittermeier, founder and Managing Director of Commodus Real
Estate Capital GmbH, comments: “The former AEG site offers us
outstanding development opportunities, which have become
unique on this scale in the centre of Berlin. In addition to
medium-term options such as extending the contract with the existing
tenant or re-letting, in the long term, the 65,000 square meter site
also offers the potential for complete revitalisation”.
The office property on Gustav-Meyer-Allee was built at the end of the
1980s. In recent years, institutes of the Technical University of
Berlin, the Fraunhofer Institute, Deutsche Welle and numerous other
media and IT companies have settled in the neighborhood.
Both parts of the building in Gustav-Meyer-Allee are fully let and are
currently used by the same tenant. The purchase is an add-on acquisition
to the first building section, acquired in 2018.
Philipp Horsthemke, Managing Director of Commodus, adds: “The ownership
structure and the reciprocal technical and legal interdependencies
between the two building parts have posed particular challenges for
Commodus in the acquisition.
Over
the past two years, however, we have succeeded in completely solving
the complexity of the project and thus efficiently merging the two
properties into one ownership structure
in order to increase the respective value of the individual properties
for our investors”.
Source :
Commodus