09 March 2017
Berlin
Reporter: Theo Andrew

Berlin office acquired for €25 million


Rockspring has acquired an office in Berlin on behalf of its TransEuropean Property Limited Partnership VI (TEP VI) fund, for €25 million.

The six- storey 1930s factory building comprises 7,000 square meters of office space plus 26 residential apartments, a retail unit and 20 car parking spaces.

Located on Chausseestrasse, Mitte, a popular location for technology, media and telecommunications companies, it is next door to Humbolt University, which has occupied the property for the last 20 years.

Now the university has vacated the building, Rockspring plans to redevelop and bring it to the market in Q4 2017, when vacancy rates in Berlin are expected to be under 3 percent.

This the second office acquisition by TEP VI in Berlin, and brings the fund’s investment in Europe’s creative urban districts to over €100 million.

Paul Hampton, Rockspring partner and fund director of TEP, said: “A perfect complement to the fund’s first investment in Berlin, this deal concludes the initial portfolio assembly phase for TEP VI.”

He added: “With investments in a number of dynamic urban centres including Geneva, Paris, Madrid, Lisbon and Berlin, we are excited about the prospects for significant value creation within the fund.”

Ulf Christiansen, head of acquisitions at Rockspring in Germany, said: “After our recent acquisition of a ‘loft office’ in Berlin Friedrichshain, we have now completed our second transaction in this sought after Berlin location.”

He added: “The offices are vacant, full of character and, on completion of the refurbishment, will offer attractive office space in a supply constrained market at a time when we are seeing strong tenant demand, a very limited pipeline of speculative development and rising rents.”

The property was sold by a private German family office, represented by Steffan & Co. Commercial GmbH & Co.

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