Commodus has acquired a business centre in Berlin’s Lichtenberg borough from a family office by way of an asset deal for its fund Commodus Deutschland Fund II SCSp, RAIF. With a lettable area of roughly 19,000m², the complex which is called ‘Hohenschonhauser Tor’ is home to a wide range of office and retail tenants, a gym, doctors’ surgeries and an assisted living facility. On average, the lease agreements have a remaining term (WALT) of seven years, guaranteeing a secure cash flow in the long run. The purchase price was not disclosed.
Built in 1997, the property is located on the corner of Weißenseer Weg (35, 36, 37) and Konrad-Wolf-Straße (60, 61) and benefits from easy access by public and private transport. The main retail tenants are Spielemax, Netto and TEDi. Other tenants include Andres Industries, McFit, Johannisches Sozialwerk and Stephanus-Stiftung. In addition to remodelling and modernising the property’s exterior spaces and common areas, Commodus plans to invest in structural improvements.
“We see tremendous potential for value growth in the property, which is already benefiting today from a diverse mix of tenants and an ideal connection to Berlin’s public transport system,” said Leonhard Sachsenhauser, Managing Director of Commodus. “The planned optimisation and modernisation of the existing office space and the revitalisation of the retail space open the door to attractive growth prospects for us.”