Warburg-HIH Invest Real Estate (Warburg-HIH Invest) has acquired two commercial properties in Berlin for the portfolio of the open-ended segregated property fund TOP 7 Deutsche Metropolen Immobilien Invest launched in co-op-eration with NORD/LB Norddeutsche Landesbank for institutional investors. The purchase was conducted as an asset deal. The seller is a family office.
The properties are located on Wilmersdorfer Straße 50-51 and 52 in centrally located Charlottenburg, a district of the Berlin borough Charlottenburg-Wilmersdorf. The larger, seven-storey property built in 1994 has 4,333m² of rentable space. The smaller building, which dates back to 1905, has 1,444 square me-tres of rentable space.
Both properties contain retail, office and residential spaces and are fully occupied. Anchor tenants include the shoe retailer Deichmann SE, Sparda-Bank Berlin eG, the optician business Apollo-Optik Holding GmbH & Co. KG and the software firm Pro!vision GmbH. The average remaining term of lease is close to seven years.
Charlottenburg with the gentrified quarter surrounding the Prager Platz and the byroads of Kurfürstendamm is a popular residential area. In addition to the Technical University, it is home to tourist attractions including Charlottenburg Castle, the Opera house and well-known theatres. Wilmersdorfer Straße boasts many retail shops, two major department stores and the shopping centre Wil-mersdorfer Arcaden.
“The pedestrian precinct on Wilmersdorfer Straße is one of the most important high streets in Berlin‘s West and benefits from the above-average purchasing power of its clientele from gentrified Charlottenburg,” explains Hans-Joachim Lehmann, Managing Di-rector Transaction Management Germany at Warburg-HIH Invest.
“The properties we have purchased in the district are an attractive investment thanks to their prime location and stable rental development.”
The transaction was brokered by LÜHRMANN. Hogan Lovells In-ternational LLP advised Warburg-HIH Invest on tax issues. The technical due diligence was conducted by Dekra.