Peakside Capital has concluded the sale of a mixed-use asset in Berlin on behalf of Peakside Real Estate Fund I. The asset was acquired by a private investor for more than EUR 12 mln.

Peakside, a specialist European real estate private equity firm, said the price was 15% above the property's latest valuation and reflected a net initial yield below 5%.

Located on Kurfürstendamm, the asset comprises over 4,000 m2 of retail, office and residential space.

The sale followed an extensive asset management plan undertaken by Peakside, which included securing a number of new tenants and resulted in the full letting of the building.

The disposal was made on behalf of PREF I, a pan-European opportunistic fund with a total of EUR 261 mln of capital commitments, and follows its recent purchase of an office redevelopment in Hammersmith, London.

The fund's strategy is to acquire assets where it can deliver active asset management programmes to rectify flaws in fundamentally institutional quality assets, Peakside added.

The fund was formerly known as Merrill Lynch European Real Estate Opportunity Fund. It was renamed Peakside Real Estate Fund I in 2010 when Peakside Capital took over the fund from Bank of America Merrill Lynch.

Peakside was established by former senior managers of the European real estate team within BofAML: Roger Barris, Stefan Aumann, Boris Schran and Mark Fenchelle.