The off-market transaction was conducted as part of a JV with five German pension for an undisclosed price.

The mixed-use development project on Gotenstrasse and Ella-Barowsky-Strasse is slated for completion in 2026.

It is close to the Hines-developed Südkreuz quarter, comprising of 664 residential units, a variety of services and amenities as well as an office building.

Located within the Schöneberger Linse, part of the popular residential area Rote Insel, the location offers access to the A100 motorway and the Südkreuz local and long-distance train station.

Berlin city centre is six minutes away by public transport, the main train station is within 15 minutes, while the airport BER can be reached in 25 minutes by car.

Christoph Reschke, senior managing director at Hines in Germany, said: ‘The location is in what Hines believes to be one of Berlin's largest, most dynamic areas and is extremely attractive for tenants and buyers both from a residential and commercial perspective.

'We have seen strong occupier demand for our completed city quarter Südkreuz and believe that this will be another successful development. The project should benefit considerably from our experience at Südkreuz, and we look forward to working with the district to further shape the future of the entire Schöneberger Linse together.’

Joachim Wintzer, managing director at Hines in Germany, added: ‘We are planning a sustainable neighbourhood development with a strong commitment to implementing extensive ESG criteria including the 'social' aspect. Additionally, we will seek to reduce the operational CO2 consumption of the building by implementing new digital technology and interfaces for tenants.

'Our general focus is to deliver a dynamic and flexible scheme using technology to create a digitised project. The new building aims to become our best ESG development in Germany, setting new standards and complementing our pioneering project at Südkreuz.’

Measures implemented by Hines include a digital platform for tenant communication with incentives to lower energy consumption, while at the same time serving as a mobility hub for users.

The hybrid construction method with recycled concrete will significantly reduce embodied carbon and Hines will seek WiredScore certification and a DGNB (German Sustainable Building Council) award for the new building.