Valad Europe, the leading diversified real estate investment manager, has sold Thiemann Quartier, in Berlin Neukölln, Germany, to Concarus Real Estate Invest for €46.75 mln, reflecting a net initial yield of 7.76%. The sale was completed on behalf of Valad’s V+ Germany mandate.
Thiemann Quartier comprises 53,000 m² of lettable space across 15 buildings incorporating warehouse, office, leisure, and retail space. Located at Thiemannstraße 1-11 in Berlin Neukölln, the complex has excellent transport links to the national motorway network and Berlin Brandenburg Airport. Current tenants include MSA Auer and the Berlin Tax Authority.
Andreas Hardt, Valad Europe’s Head of Germany, commented: "Our strategy was to complete a significant amount of asset management activity at Thiemann Quartier prior to marketing this asset for sale, which included lease extensions of the two anchor tenants and agreeing a long term lease with a new tenant. As a result, the complex is almost fully let, with the majority of occupiers on long term leases up to ten years.”
International real estate advisor, Savills, acted for Valad Europe, while Kontora Family Office GmbH acted for the purchaser.