Ardian Buys 136 KSF Office Building in Berlin
- Sep 13, 2018
Ardian Real Estate has acquired from Conren Land AG an approximately 135,600-square-foot office complex at Spichernstrasse 2-3 in the City West district of Berlin.
“City West is an attractive office location in Berlin, characterized by high demand for office space and low vacancy rates,” Bernd Haggenmüller, Ardian Real Estate’s managing director, said in a prepared statement.
The deal represents the eighth investment the company has made, keying in on its strategy to buy properties in key cities in Germany, France and Italy. It is the third such deal in Germany. “We see considerable potential for both rental income and value growth in the core-plus property that we have now acquired in Spichernstrasse, which we intend to realize using our asset management expertise,” Haggenmüller said. “It fits perfectly into the AREEF investment strategy, in which we acquire and develop attractive core-plus and value-add properties in key European cities.”
Completed in 1993, the complex boasts a roof terrace and each floor can be divided into three separate rental units, allowing for flexible work environments. The property also includes a two-story underground car park consisting of 80 spaces.
The eight-story building is located in Berlin’s top office district, just south of the prime City West area. There are two major shopping areas nearby, with the popular Kurfürstendamm and Tauentzienstrasse streets within walking distance. The KaDeWe department store is also close by. It’s conveniently located next to the Spichernstrasse underground station, providing easy access to public transportation options.
Ardian’s portfolio consists of more than $71 billion managed or advised in Europe, the Americas and Asia. Ardian Real Estate’s other investments include the Konrad office complex in Munich, the Heinemann Bogen office complex in Munich, four office buildings in Paris and an Italian portfolio with properties in both Milan and Rome.
In February, SIGNA Prime Selection AG announced it would construct Elbtower, a planned 765-foot skyscraper in Hamburg, Germany.
According to JLL’s Berlin office market report for the second quarter, the city’s sector has very little space available, creating a big demand thanks to expansion by many Berlin companies.
Image courtesy of Ardian Real Estate