Tuesday, 2 June 2015
Patron Capital and Suprema acquire Berlin office property from GE Real Estate (DE)
Patron Capital has acquired a 550,000 ft² (51,096 m²) office complex in Berlin’s Charlottenburg from GE Real Estate for an undisclosed sum.
Patron has purchased the property as a redevelopment opportunity in joint venture with its local development partner Suprema. The asset, which comprises three adjoining buildings on Franklinstrasse and Salzufer is currently vacant and was formerly let to the Technical University of Berlin. The property offers a unique redevelopment opportunity as it will allow Patron to offer large-floorplate office space at attractive rent levels, which is currently in short supply in Berlin’s City West submarket. Helaba has provided senior financing for the transaction.
The asset is located in a central location in Berlin’s City West area, adjoining Ernst-Reuter-Platz. A leading German bank’s commitment to develop a new office complex bringing together several thousand of its employees has re-established this location as one of the most significant office centers in West Berlin. The area also has strong transport connections. The Technical University of Berlin, with its 31,000 students and 8,500 staff, and other prominent academic institutions such as the University of Arts and the Fraunhofer Institute are located in close proximity.