CBRE Investment Management (CBRE IM), on behalf of a fund sponsored by the firm, has acquired Residenz am Deutschen Theater, a mixed-use scheme in Berlin, Germany.
Financial details were not disclosed.
Consisting of three buildings situated just 500 metres from the German parliament, the asset has a net leasable area of 13,125 m2, made up of residential, office, retail and other space, along with 152 car parking spaces.
Over time the grade B offices will be converted into residential units, resulting in a residential project in Berlin’s CBD designed to very high specifications.
Sebastian Ehrhardt-Unmuessig, head of transactions Germany at CBRE IM, said: 'Despite recent market turbulence, Berlin remains an attractive city for investment in the European market, given its supply constraints1.
'This was a unique opportunity to increase the fund’s residential exposure to the German market by investing in a mixed-use scheme with strong value enhancement potential, in a prime location in one of the most liquid markets in Europe.'
The building complex is centrally located in the heart of Berlin’s government district, one of the city’s prominent residential areas.
The Mitte district is a centre for art and culture, science and research, media and politics and is home to a large number of federal institutions, ministries and embassies.