Commodus has secured over 120,000m² of office space in the centre of Berlin with the purchase of a second building half at the former AEG site near Brunnenstrasse. In the transaction closing at the end of 2019, the investment company acquired the second part of the building at Gustav-Meyer-Allee 3 with another c.60,000m² of rental space and a parking lot with 1,640 parking spaces. The company has already purchased the first part of the building in 2018. The office property was built at the end of the 1980s, and enjoys easy access by private and public transport. The purchase price was not disclosed.
Dr. Matthias Mittermeier, founder and Managing Director of Commodus Real Estate Capital, commented: "The former AEG site offers us outstanding development opportunities, which have become unique on this scale in the centre of Berlin. In addition to medium-term options such as extending the contract with the existing tenant or re-letting, in the long term, the 65,000m² site also offers the potential for complete revitalisation".
Philipp Horsthemke, Managing Director of Commodus, added: "The ownership structure and the reciprocal technical and legal interdependencies between the two building parts have posed particular challenges for Commodus in the acquisition. Over the past two years, however, we have succeeded in completely solving the complexity of the project and thus efficiently merging the two properties into one ownership structure in order to increase the respective value of the individual properties for our investors".
