ORCO Germany S.A. announces the purchase of real estate in Berlin-Mitte by a subsidiary. The property acquired also fits perfectly into the portfolio of the Gewerbesiedlungs-Gesellschaft (ORCO-GSG) which, with its approx. 850,000 m², is one of the leading suppliers of office and commercial space in Berlin.
This first purchase after seven years also marks a milestone in the company's history. The real estate is located in the Voltastraße 29-30 in close proximity to other commercial complexes of ORCO-GSG in the Watt and Voltastraße / Gustav -Meyer -Allee. A storage and workshop building with 1,300 m² of usable floor space is located on the approx. 1,700 m² site, which offers further development potential.
Nicolas Tommasini, Deputy CEO of ORCO Germany: "This purchase is the start of our agreed expansion course for 2014. We have more and larger acquisitions in the pipeline, while in parallel we also launched the development projects on our own lands and properties. We believe we have built the best asset management team for office in Berlin around Oliver Schlink and Sebastian Blecke and are confident to meet the rising demand for commercial space there. The cash flow resulting from ORCO Germany’s capital increase will enable further (bigger) acquisitions in Berlin and emphasizes the importance and value of the Berlin portfolio."
Source: Kirchhoff Consult AG