Rosmarin Karree in the Mitte district of Berlin has a new owner. Union Investment acquired the commercial and office building prominently located on Friedrichstrasse in central Berlin, between Unter den Linden and Gendarmenmarkt for an unspecified price for its open-ended real estate fund UniImmo: Deutschland.
The premium property was developed by the B&L Group and Hines and completed in 1998. It is fully let, with the main tenant being the German Savings Banks Association on a long-term lease.
Rosmarin Karee comprises total rental space of 21,525 m², made up of 11,765 m² of offices, 3,196 m² devoted to 51 Clipper Boardinghouse apartments, and 2,661 m² of retail space, which is let to chains such as H&M, Massimo Dutti, Vero Moda and Jack & Jones.
"Alongside the excellent tenant base, the premium location on Friedrichstraße makes Rosmarin Karree a particularly attractive investment for our Deutschland fund," says Dr Frank Billand, Member of the Management Board of Union Investment Real Estate GmbH, Hamburg.
The property benefits from a high-profile location at the intersection of Friedrichstrasse and Unter den Linden an area which quickly established itself as a focus for retail and business usage in eastern Berlin following reunification. The Französische Strasse metro station is located right in front of the building. After construction of the new metro line number 5, the location will be even better served by public transport.
The vendor with its private group of shareholders was represented during the transaction by the B&L Group. The B&L Group has specialized in the development, realization and management of office, hotel and retail real estate in Germany for more than 40 years. B&L will continue to manage the property.
Source: Union Investment Real Estate GmbH