Commerz Real has sold the fully-leased Berlin office and business complex Wilmersdorfer Strasse 117 / Pestalozzistrasse 77 from its open-ended real estate fund hausInvest to Quantum Immobilien Kapitalverwaltungsgesellschaft mbH. Quantum has acquired the property for an individual fund. JLL brokered the transaction on behalf of Commerz Real. It was agreed that confidentiality be maintained on the purchase price. The current market cycle was utilized for the transaction; this is characterized by a clear rise in investor demand for commercial real estate in the capital.
“Berlin is extremely attractive due to its sustainable dynamism. Accordingly, demand on the part of investors is considerable for well marketed properties in attractive locations,” says Robert Bambach, the Management Board member of Commerz Real AG responsible for real estate transactions. “In addition the transaction was preceded by a value-adding leasing success, with the effect that the point in time for the sale was ideal with a view to the contribution to the operating income of the fund.”
Through to 2014 all the vacant plots among the retail trade areas were completely leased. In Rossmann and Tiger Trading high-selling retailers were acquired. The property, which is centrally located in Berlin’s Charlottenburg Wilmersdorf (City West) district and covers office, retail trade and residential areas of 5,300 m² in total, was transferred to the hausInvest fund in 1999 as a project development and was completed in 2002.
Source: Commerz Real