Real IS AG, acting on behalf of “Bayernfonds Immobilienverwaltung Objekt Berlin Taubenstraße KG”, has completed the sale of an office property on Taubenstraße 7-9 in Berlin-Mitte to DIC Asset AG. The transfer of ownership, rights and obligations are scheduled to take place in the fourth quarter of 2019. The purchase price amounts to c.€111m.
The building dating back to the 1950s offers 10,100m² of office and storage space over nine floors. It was fully refurbished and extended over the period from 2004 to 2005. The single-tenant property in the desirable Berlin-Mitte submarket offers 38 parking spaces and is currently fully let to a banking sector company.
“Germany’s capital city and the Berlin-Mitte submarket, in particular, are considered two of the country’s most attractive office locations. With prime rents on the rise, and given the extremely low vacancy rate, a good price level is ensured, an opportunity we are seizing through the sale on behalf of our investors. The success of our active asset management is ultimately reflected in an attractive return for fundholders that will accrue when the liquidation of the portfolio has been concluded,” said Jochen Schenk, Chief Executive Officer of Real IS.