Hines has sold distinctive retail and office property ZOOM Berlin to Bavarian pension provider Bayerische Versorgungskammer (BVK) and asset manager SwissLife. Corpus Sireo has been appointed as an investment manager. The new-build developed successfully by Hines Immobilien is located between main station Bahnhof Zoo and premiere shopping boulevard Kurfurstendamm. The mixed-use building was completed in October 2018 and is 90% leased. The purchase price was not disclosed.
“With ZOOM we have developed a property that harmonises perfectly with the up-and-coming City-West district. It is particularly gratifying that a diverse mix of tenants is enthusiastic about the property – from tech startups through innovative gastronomy outlets to established real estate agents. This is exactly the kind of heterogeneous tenant structure that represents all facets of a diversified quarter. We are particularly delighted that with Bayerische Versorgungskammer and Swiss Life Asset Managers we have found a prestigious consortium of buyers for continuing the future of the project,” said Joachim Wintzer, Managing Director at Hines.
Roy Brummer, Head of Investment & Transaction, Corpus Sireo, commented: “City-West is experiencing stable upturn. Investing here is a sustainably good decision. We are glad to be able to purchase such a prominent building in an absolute top location in Berlin City-West for Swiss Life Asset Managers and the BVK.”
Christoph Geirhos, Head of Property Purchase and Sales at BVK said: “As a long-term oriented investor, the building convinces us not only because of its attractive location but also because of its excellent quality and flexibility. We are glad to be able to purchase a further top property together with Swiss Life Asset Managers.”