Arax Properties and Partners Group have finalized the sale of the "City Campus" office complex on Saatwinkler Damm in the Charlottenburg district of Berlin for c.€200m. Arax Properties will continue working on the property with the new purchaser going forward. The property comprises 55,640m² of rental area and 479 parking spaces across six buildings. It is almost fully let to a mix of blue-chip tenants, primarily government tenants.
"We have repositioned the "City Campus" complex together with Arax over the past two years in line with our value-add investment strategy. Since the departure of the former anchor tenant, 50,000m² have been leased to a strong bedrock of high-quality institutional occupiers and the asset is now almost fully let, making this a logical point to exit on behalf of our clients," commented Stuart Keith, Private Real Estate Europe, Partners Group.
"City Campus has established itself as a major office hub for tenants looking for large floor plates, excellent connectivity and affordable rental levels in the Berlin market. Blue-chip tenants have demonstrated their strong appetite for the property and the location. City Campus offers significant rental reversion and more upside potential. We believe the location will further strengthen over the long term and are excited to be continuing on our work at the property alongside the new purchaser," added Milan Cvisic, Partner and Head of Germany at Arax Properties.