Deutsche Investment, acting on behalf of its “Deutsche Investment – Wohnen II” institutional fund, has sold an office complex in Berlin, Germany, for €10.2m. The property was acquired by a property company from Hamburg. Built in 1993, the asset is located in Berlin’s district of Wedding and has a usable area of c.3,338m². Major tenants include social services organisations and educational facilities.
"In the context of our strategic portfolio optimisation, it is important for us to strengthen the fund’s residential focus in the cities of Berlin and Hamburg. Due to our elimination of considerable vacancies that existed at the time of the acquisition, and thanks to the current market cycle, we achieved a substantial appreciation for the property,” said Michael Krzyzanek, Managing Director for Portfolio Management at Deutsche Investment. “We will reinvest the sales proceeds swiftly in the best interest of our investors, e.g. in the infill densification of portfolio properties, implemented by our in-house property development department."