Patrizia has sold Schonefeld Airpark in Berlin, Germany, to CBRE Global Investors. Patrizia acquired the site, which is located 1 km to the north the new Berlin Brandenburg Airport in Schonefeld, in 2014 and has constructed more than 80,000m² of lettable space across four phases alongside development partner, Verdion Group. The units range in size from 5,000m² to 20,000m². The purchase price was not disclosed.
The site is multi-let to seven tenants including Dachser logistics and Bringmeister, the food delivery service of Edeka. Patrizia’s asset management team carried out leasing activity in conjunction with Verdion and achieved full letting on the completion of each speculative phase over the development. The final phase was completed in Q4 2020.
Stuart Reid, Managing Director of Real Estate Development at Patrizia, commented: “Together with our development partner we have created a significant Grade A logistics hub that has validated our conviction for speculative development in an area that now benefits from the opening of Berlin’s new airport. Our expert asset management team successfully leased this space as it came on-line and we are pleased to crystallise returns on behalf of our investors that significantly outperform our business plan for this asset.”
