The AXA Real Estate team of AXA Investment Managers Deutschland GmbH announces that it has completed the acquisition of Park Kolonnaden, a mixed-use building in Berlin from a subsidiary of HVB Immobilien AG for €50 million, on behalf of a newly created joint venture it has structured between two institutional clients.
This 17,417 m² high quality core asset comprises 8 floors, 15,748 m² of office space, 1,669 m² of shops, as well as car parking spaces. The building is currently 95% let to public institutions and corporates tenants. The largest tenant is a German Government Institution which occupies 60% of the building with long lease agreements.
The property is in a prime location on Potsdamer Platz with direct access to underground railways, and in close proximity to both the Brandenburger Tor and the Reichstag.
The AXA Real Estate team of AXA Investment Managers Deutschland GmbH is one of the most active asset managers in Germany with circa €6.6 billion of assets under management as at the end of March 2014. Germany is a key market for AXA Real Estate which has strong deal flow capacity, asset management capabilities and debt expertise.
Matthias Leube, Managing Director of Real Estate within AXA Investment Managers Deutschland GmbH commented: “This acquisition provides a further indication of our increasing activity within the German market, and our ability to source high quality assets through bespoke investment vehicles for our clients."