Generali Real Estate has acquired an historic office and residential building in Berlin for one of its real estate funds for an undisclosed price.
Real I.S. sold the asset on behalf of the special real estate AIF Real I.S. BGV V.
The fully let historic building is located in the prestigious Französische Straße, in the heart of Berlin's central business district around Friedrichstraße, one of the city's most sought-after neighbourhoods.
The 8,000 m2 of gross leasable area include around 6,300 m2 of office space and 1,450 m2 of residences.
A lot of emphasis is paid to the health and wellbeing of the occupants of the building, with accessibility and smart mobility options, thanks to excellent connections to public transport.
The buyer of the asset is a real estate fund dedicated to professional investors, whose portfolio comprises mainly office and high street retail assets in France, Germany and the UK.
General Real Estate was legally advised by Mayer Brown, Real I.S. was advised by Norton Rose Fulbright, CBRE, Lottum & Schultz, while Savills acted as intermediary on the deal.
Generali Real Estate manages a €4.5 bn portfolio in Germany, consisting of 230 properties.