Allianz buys in Berlin-Zehlendorf for €18 million (DE)

International real estate advisor Savills has advised Allianz Real Estate Germany GmbH on the acquisition of a commercial scheme in Berlin-Zehlendorf for approximately €18 million. After more than four years of absence from the market Allianz has started buying for its own pension fund.

The 6,000 m² (64,585 ft²) newly developed property is located at Breisgauer Straße 1 – 3 with excellent access to public transport. Tenants include trading and travel company REWE as well as Commerzbank, who will move in during December 2009. Other retailers, including several medical practices, will open their premises in January 2010.

Stefan Brendgen, CEO of Allianz Real Estate Germany, says: "The size of the property in Berlin-Zehlendorf meets the requirements of our fund very well."

Oliver Schinkewitz, managing director of Savills, adds: "The purchase of the property is a very good investment opportunity. The property is located in an area with a high purchasing power. All tenants of the property have a very good creditworthiness and have signed long-term lease contracts. The property has an attractive purchase price with a gross yield of 7.30%".

Source: Savills

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