PATRIZIA makes landmark acquisition of tallest office tower in Berlin
Iconic office building in fast-growing and increasingly sought-after business district of Berlin
- 26,000 sq m office asset let to 11 occupiers
- High occupancy at 99% with WALT of 4.2 years
- Opportunity to grow income in the medium term
Augsburg, 23 January 2020. PATRIZIA AG, the global partner for pan-European real estate investment, announces the acquisition of Treptower, a landmark asset and the tallest office building in Berlin, Germany, from ARB Investment Partners. This transaction increases the value of PATRIZIA’s office portfolio across Europe to nearly EUR14 billion.
The 32-storey building, comprising 26,000 sq m of lettable space across flexible floorplates, is 99% let to 11 occupiers with a WALT of 4.2 years. The largest occupier by space is Bundesanstalt für Immobilienaufgaben, the government agency which provides real estate services to federal government departments. Other tenants include navigation specialist TomTom, IT service provider Atos and open banking portal OptioPay.
The Treptower was built in 1998 and benefits from an exclusive riverside location in Mediaspree, an emerging office sub-market in Berlin, which is increasingly seen as an attractive alternative to the CBD. The asset is also situated in close proximity to transport links with easy access to the suburban train circle.
Ulf Christiansen, Director Transactions at PATRIZIA, commented: “This acquisition demonstrates our ability to source and execute landmark buildings, which present attractive investments for our clients. Whilst already producing a secure income stream, the asset also offers upside potential, with an opportunity to grow this income over the medium term, leveraging the property’s location in a dynamic area of Berlin where occupier demand is strong.”
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for more than 35 years. PATRIZIA’s activities include the acquisition, management, repositioning and sale of residential and commercial real estate through its own licensed investment platforms. As a global partner for pan-European real estate investment, PATRIZIA operates as a respected business partner of large institutional investors and retail investors in all major European countries. PATRIZIA manages more than EUR 42 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor. For further information, please visit: www.patrizia.ag.
Head of Corporate Communications
Phone: +49 (0) 821 5 09 10-6 55