Financial details were not disclosed.

The assets comprise an 8,600 m2 property on Warschauer Straße, in Friedrichshain, and an 9,500 m2 asset on Chausseestraße, the northern extension of the well-known prime office and retail address, Friedrichstraße.

Following the completion of active asset management plans, including the full refurbishment, the extension of the Friedrichshain property and new lettings, the offices are now the German headquarters of Nike and Swedish bank, Klarna respectively.

Patrizia said it sold the assets on behalf of TransEuropean VI (TEP VI), bringing the fund's disposals to around 30% or an IRR of 48% per annum, and marking an equity multiple of 3.4x to date.

Paul Hampton, Patrizia’s head of international fund management and director of the TransEuropean series, commented: 'We are very pleased with the progress we have achieved so far with both the TEP VI disposals programme and the speed with which we’ve been able to deploy proceeds for its follow-on fund, TEP VII.

'The vertically integrated and highly collaborative platform we have at Patrizia provides us with a real advantage, enabling us to highly effectively source, assemble and asset manage value accretive portfolios.

'Most of our acquisitions for TEP VI were conducted off market and, as evidenced by our progress with TEP VII, we continue to identify and secure significant value add opportunities, even in the most competitive European marketplaces.'

The sales mean TEP VI is on track to exceed its target returns, following the previous disposal of a French logistics portfolio to a major financial institution. Patrizia closed the latest fund in the series, TEP VII, in July 2020 with an investment firepower of approximately €1.9 bn, of which over €1.0 bn has already been committed.

As with its predecessors, TEP VII is focused on a cash-flow driven, value-add strategy across the office, logistics, residential and retail sectors in both Europe and the UK, benefiting from Patrizia’s operating platform approach.

The TEP series of funds was first launched in 1992 and has invested over €2.8 bn in 13 European countries.