Valad Europe, the multi-let real estate investment manager, has sold Löwenkontor Building, Beuthstraße 6-8 / Seydelstraße 2-5, Spittelmarkt in Berlin Mitte, to Dundee International REIT, the Canadian real estate investment trust.
As part of the business plan for the 24,000 m² office complex in Berlin’s city center, Valad Europe completed a transformational refurbishment of the vacant, single-let asset, to a modern, multi-let office complex, almost 100% occupied to tenants on long-term leases at market-leading rents for the area. Five new tenants were secured, including Job Centre Berlin, Bundesagentur für Arbeit, DAK Deutsche Angestellten-Krankenkasse, GPB Gesellschaft für Personalentwicklung und Bildung and
Andreas Hardt, Valad Europe’s Head of Germany commented: “In today’s commercial real estate environment, the ability to sell assets at the right time is equally as important as being able to acquire assets at a good yield. This is a good example of our value-add asset management approach, where we have turned an asset around in a short time period, converting it from an out-of-date, 100% vacant office asset, into an asset which is almost 100% let to a strong line-up of tenants with secure long-term income. The transformation of this building is a result of the dedication of our local team in Berlin, who have a deep knowledge of the local occupier market.”
Angermann Berlin and Orrick, Herington & Sutcliff LLP advised Valad Europe on the sale.
Source: Valad Europe