HOCHTIEF Projektentwicklung, the project development arm of the HOCHTIEF Group, has sold the building at Ackerstrasse 71-76 in the Mitte district of Berlin, Germany, to life insurance company Provinzial Rheinland Lebensversicherung, Düsseldorf. The two sides have agreed to maintain confidentiality regarding the sales price. The property is let on long-term leases to Berlin Technical University and the private educational institution PHORMS.
The educational center offers net space of around 32,700 m².
HOCHTIEF Projektentwicklung acquired the heritage-protected former AEG appliances factory in 2008. Since then, it has gradually been converting the building into an educational center offering net space of around 32,700 m². The work is being done without interrupting the lessons and courses being held there.
In addition, the company is erecting a new sports hall on the site. This will form part of the Anglo-German school established by PHORMS, which serves children from kindergarten age through to university qualification.
The former industrial building, which dates back to the end of the 19th century, occupies a site of more than 11,500 m² in Berlin-Mitte, between Ackerstrasse, Feldstrasse, Hussitenstrasse and Max-Urich-Strasse (formerly Hermsdorfer Strasse). Conversion work on the five-story complex is due to be completed by the end of 2010.