The UniInstitutional German Real Estate fund is continuing to expand its portfolio in Germany. The acquisition of the office building at Charlottenstraße 14+15 in Berlin represents Union Investment's seventh transaction for the institutional retail fund.
The nine-story ensemble, which is currently fully let to a major insurer and provides a total area of some 7,000 m², enjoys a central location in the Charlotten-Carree complex with direct views of Checkpoint Charlie and Friedrichstraße.
The lease provisionally expires in 2015. Details of the purchase price were not disclosed. The vendor is an American investment company represented by ATOS Asset Management GmbH. Berlin-based Angermann Investment Advisory AG advised Union Investment on the deal.
"Large, contiguous office space is currently in very short supply in the 'Mitte' submarket. Demand for large space in this dynamic location suggests that the property will quickly re-let, potentially to a single occupier," said Dr. Christoph Schumacher, a member of the management team at Union Investment Institutional Property GmbH, Hamburg. "The corner building benefits from very good functionality and flexible floor plates as well as the excellent location. Our Berlin lettings team is looking forward to the marketing phase, which will commence at the start of December." The property has very good public transport links, with the Kochstraße subway station just 300 metres away. The Springer Campus development is set to further enhance the neighbouring newspaper district.
Source: Union Investment