Benson Elliot, the UK-based private equity real estate fund manager, has closed on the acquisition of two office properties in central Berlin from Berliner Volksbank eG. The assets are being acquired in joint venture with Klingsöhr Projektentwicklung and Rockstone Real Estate.
The transaction involves the acquisition, lease-back and subsequent refurbishment of two prominent buildings, which are located at Budapester Straβe 35 and Kurfürstenstraβe 87 in Berlin’s City West. Total value of the transaction, post-redevelopment, is expected to be approx. €100 million.
The key details of the assets are as follows: Budapester Straβe 35 is a nine storey office building fronting the popular Olof-Palme-Platz in central Berlin. Constructed in 1985 as the headquarters of Berliner Volksbank, the building comprises 9,548 m² of net lettable area overlooking Berlin’s Tiergarten. In Kurfürstenstraße 87, it is an eight storey, 6,192 m² office building situated at the corner of Kurfürstenstraße and Burggrafenstraße. Both properties are situated within 200 metres of Berlin’s premier retail boulevards of Kurfürstendamm and Tauentzienstraße.
Marc Mogull, Benson Elliot Managing Partner, said: “Since entering the market in 2010, Benson Elliot has been steadily expanding its presence in Berlin. We have a positive outlook on the market, and are pleased to have secured control of these two well-known Berlin office properties. Having worked closely with Berliner Volksbank to structure an acquisition that meets their financial and occupational needs, we look forward to maintaining that relationship as the bank navigates its eventual relocation. Thereafter, we will work with our partners, Klingsöhr Projektentwicklung and Rockstone Real Estate, to return these buildings to prominence, creating a modern space worthy of this important location.”
Source: Benson Elliot