- 5,700 sq m of new and recently refurbished space across two office buildings and a fully let data centre
- Diverse income stream with a WALT of 6.6 years
- Located in Kreuzberg, an office submarket showing increasing occupier demand
Augsburg / Berlin, 21 April 2021.PATRIZIA AG, a leading partner for global real assets, has completed the acquisition of a mixed-use office building in Berlin, Germany, on behalf of its institutional clients.
The investment comprises a total lettable area of 5,700 sq m across a data centre building, two high quality, modern buildings including a recently refurbished loft office and a newly built office property as-well as a ‘Remise’, which is currently under refurbishment. Together all spaces are 100% let providing a diversified income stream and a WALT of 6.6 years.
The asset is situated in Kreuzberg, a Berlin submarket with excellent public transport links that is experiencing growing occupier demand. Kreuzberg is rich with cultural heritage and museums, as well as green spaces, and has recently emerged as a micro-hub for offices, attracting a significant number of tenants in the technology, media and telecom (TMT) sector, in particular.
Ulf Christiansen who led the transaction at PATRIZIA, commented: “This is a micro-location we know very well having previously acquired properties in the immediate area and we are pleased to have secured another well-positioned asset in what is an improving Berlin submarket where value can still be found. This attractive, modernised property benefits from diversification of income due to its range of office tenants and data centre, which ensures that we will be able to deliver robust returns to our investors.”
PATRIZIA was advised by Magma Rock Estate, Berlin.
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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