Savills Investment Management has advised on the acquisition of a newly constructed office and commercial building at Kurfürstendamm 12 in Berlin for German insurer Versicherungskammer for an undisclosed amount.
The seller is the RFR-Group, which acquired the asset in 2021.
The new building in Berlin's premium location comprises more than 6,500 m2 of rental space across six floors and achieved DGNB Platinum certification. The building was part of the historic Gloria ensemble, a former neo-baroque cinema hall. In 2018, this was demolished and a new three-part building ensemble was constructed.
The property is fully let on a long-term basis to the communications provider Vodafone, the fashion group Mango, the law firm YPOG and the Wey automobile brand from the manufacturer Great Wall Motor.
The buyer was advised by JLL. BNP Paribas Real Estate acted for the seller.
‘The transaction and the subsequent asset management of the property marks the first time that the Versicherungskammer and Savills IM have worked together,’ said Tim Ulrich, head of Transaction Management Germany at Savills IM. ‘The building is located in the most frequented section of Kurfürstendamm. This coupled with the modern, new build quality of the property, the DGNB Platinum certification, and the long-term letting to tenants with strong credit ratings make the acquisition a sustainably attractive investment.’
