PATRIZIA sells 8,600 sqm office building in Berlin
Disposal is in line with the business plan and realises attractive returns
- Asset fully let to a range of tenants across a diverse mix of sectors
- PATRIZIA confident of strong office market fundamentals in Berlin
Augsburg/Berlin, 11 May 2020. PATRIZIA AG, the global partner for pan-European real estate investment, announces that it has completed the sale of a multi-let office building in Berlin, Germany, to LaSalle Investment Management.
Completed in 2004, Goethe 85 comprises 8,600 sq m of space across seven floors, which is fully let to 11 tenants across a range of sectors including insurance, research, legal and media. The asset is located in Charlottenburg, separated from Berlin Mitte by the Tiergarten, in the former commercial centre of West Berlin, which remains a popular location for hotels, bars, restaurants and businesses.
Matthias Eder, Director Fund Management Office at PATRIZIA, commented: “We are pleased to have completed this transaction and leveraged the positive momentum in the Berlin office market to crystallise positive returns for our client following the conclusion of our business plan for this asset. Our asset management, fund management and transaction teams were able to once again deliver outstanding performance and value for our institutional clients.”
PATRIZIA was advised by Cushman & Wakefield, Berlin, and K+L Gates, Berlin.
PATRIZIA AG has been active as an investment manager in the real estate market across Europe for 36 years. PATRIZIA’s activities include the acquisition, management, repositioning and disposal of residential and commercial real estate through its best-in-class local network in all key markets. As a global partner for pan-European real estate investment, PATRIZIA operates as a trusted and independent business partner of large institutional, (semi-)professional and private investors in all major European countries. PATRIZIA manages more than EUR 44 billion of real estate and infrastructure assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks. PATRIZIA is committed to responsible investments and positive social impact. The PATRIZIA Children Foundation has helped over 200,000 children in need worldwide for over 20 years, giving them access to education and greater opportunities to lead better lives. For further information, please visit www.patrizia.ag
Phone: +49 (0) 821 5 09 - 628