Hines, the international real estate firm, has acquired the Allianz Campus Berlin on behalf of a Korean real estate fund managed by Vestas Investment Management in a share deal forward funding transaction. Hines acted as investment manager for Vestas Investment Management and is taking on the long-term asset management of the property. The property was sold by CORPUS SIREO Real Estate. CORPUS SIREO Real Estate and FOM Real Estate will retain responsibility for completing the construction of the building.
The Allianz Campus Berlin consists of three buildings providing approximately 645,835 square feet of office space in addition to 689 parking spaces. The property is located at the entrance of the Adlershof Technology Park between Rudower Chaussee and Hans-Schmidt-Straße, close to the Adlershof train station. The project is scheduled for completion at the end of 2018; the first tenants are expected to move in during the first quarter of 2019. Allianz Deutschland AG will be the main tenant of the office campus and has leased the property through 2034.
The Berlin Adlershof Science City is Germany’s largest science and technology park and Berlin’s largest media site. It is home to more than 1,000 companies and over 16,000 employees. The building offers flexible office areas suitable for a range of workspace concepts. It has moreover been designed for sustainabilityand is targeted to receive the highest possible certification from the German Sustainable Building Council, DGNB Platinum.
Dr. Kai-Magnus Schulte, director, Hines Germany commented, “The dynamic development of Berlin will continue and further enhance the Adlershof Technology Park. Allianz Campus Berlin will be the most modern and sustainable building in the best location of Berlin Adlershof. For our investor, the acquisition of Allianz Campus Berlin represents a strategic decision and we are pleased to welcome Allianz as a new tenant in 2019.”
Lars Huber, CEO of Hines Europe, added, “The Allianz Campus Berlin represents a long-term investment in a core market where we continue to see demand. We will continue to seek further opportunities for investment in Germany as we continue to enhance our portfolio.”
Hines has worldwide experience with the development and management of company headquarters. In Germany, Hines has developed, among others, the representative office of DZ Bank in Berlin, the German headquarters of o2 in Munich as well as the headquarters of the Hessische Landesbank in Frankfurt. In addition, Hines is currently responsible for the management of the Deutsche Bahn tower (“Silver Tower”) in Frankfurt as well as their German headquarters in Berlin, the representative office of Sanofi Aventis in Berlin and the Mercedes-Benz Bank in Stuttgart amongst others.
On the acquisition, Hines was advised by Clifford Chance. CORPUS SIREO was advised by Latham & Watkins. The debt financing is provided by Berlin Hyp.
Source : Company