- Acquisition sees PATRIZIA take a 90% majority stake in the development of Carossa Quarter, a new neighbourhood concept
- 1.800 residential units with expected delivery by 2025
- 125,000 sq m net development projected to have GDV of circa EUR 750 million
Augsburg / Berlin, 19 May 2021. PATRIZIA AG, a leading partner for global real assets, has taken on behalf of its institutional clients a majority 90% stake in a new major residential development in the Carossa Quarter, located in Berlin’s Spandau district.
The majority stake was acquired from funds managed by Castlelake, L.P., a global private investment firm, on behalf of PATRIZIA’s institutional clients. Kauri CAB, a Berlin-based investor specialized in the acquisition, development and management of city quarters, remains minority shareholder with a 10% stake and will act as a development partner. On completion in 2025, the 125,000 sq m net development is projected to have a GDV of c. EUR 750 million.
Located 3km north of the important Spandau train station, the c. 10 hectare freehold site benefits from zoning and planning consents for a waterfront city quarter with views across the Havel. Approximately 101,000 sq m of new residential space will be built across 17 new buildings and 4 listed buildings, delivering 1,800 residential units comprising predominantly traditional housing, as well as a proportion of micro living, senior living, co-living and affordable housing.
Stuart Reid, Managing Director, Real Estate Development at PATRIZIA, commented: “Securing our investment in this project, particularly one of such scale, is testament to the skill of our team to identify, negotiate and execute complex transactions, all against the backdrop of Covid-19. Residential real estate has been in PATRIZIA’s DNA since the company’s founding and we are thrilled to be delivering this large-scale development project which involves the creation of an entirely new neighbourhood with beneficial shared community facilities in one of Europe’s most dynamic cities.
The neighbourhood has been thoughtfully designed with the involvement of a group of six renowned international and domestic architects drawing upon the latest residential design concepts to create a better living space. The Carossa Quarter will be built to DGNB Gold Standard for sustainability, with all communal energy supplied by onsite rooftop solar panels.
Carossa also incorporates a total of c. 30,000 sq m of commercial space comprising ca. 25,000 sq m value-add office and retail property and c. 5,000 sq m of shared facilities to form an integral part of the new residential development. The existing 1940s listed office and retail property is to be refurbished and repositioned in parallel to the development of the residential quarter.
However, it is the integration of c. 5,000 sq m of commercial shared facilities in the residential development which will set new social and environmental standards for such a major development. The development has been conceived to incorporate a variety of tenant facilities designed to create a better social and environmental place to be for the residents and neighbours. The shared spaces beneficial to the community include co-working offices, guest rooms, fitness facilities; bike maintenance and repair rooms, a DIY workshop, package receipt and sending desk, e-mobility facilities, kindergarten and even canoe rental. The entire Carossa Quarter and its shared facilities are planned to be managed by Kauri CAB via a new Quarter app.
As well as having a waterfront location and nearby forests, this upcoming area of Spandau with its good public transport facilities and immediate neighbourhood shopping is no longer blighted by the landing/take-off path of the now closed Tegel airport. The locality is projected to have above average Berlin population growth to 2030. New jobs are to be created with a number of major new urban developments including Siemens 2.0, a EUR 600 million investment into a new R&D campus by Siemens in nearby Siemensstadt and the redevelopment of the former Tegel airport as a new technology centre, the Urban Tech Republic.
PATRIZIA was advised by Sammler Usinger and Clifford Chance.
PATRIZIA: A leading partner for global real assets
As a company with operations around the world, PATRIZIA has been offering investment opportunities in real estate and infrastructure assets for institutional, semi-professional and private investors for 37 years. PATRIZIA manages more than EUR 47 billion in assets and employs over 800 professionals at 24 locations worldwide. Through its PATRIZIA Foundation, the company is committed to social responsibility. The Foundation has helped over 230,000 children in need worldwide gain access to education and thus, has given them the chance of a better life over the last 21 years. You can find further information at www.patrizia.ag
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