Artmax, advised by Sonar Real Estate and Savills, has acquired an office property at Fasanenstrasse 77 in Berlin. The deal marks the company's entry into the German market. The vendor is Nicolas Berggruen Holdings GmbH. The purchase price is in the mid-double-digit million Euro bracket. Sonar is to take over the asset management of the property for Artmax.
The property, which used to be the Lobbecke bank, offers c. 5,400m² of office space, and is fully let to a range of clients including law firms, notaries and tax consultants, as well as an eye clinic. The complex benefits from a strategic location just around the corner from Kurfurstendamm.
"By acquiring Fasanenstrasse 77 we have succeeded in laying the foundation for our activities in one of Europe’s most promising office markets. The proximity to Kurfürstendamm provides a prestigious location for the tenants and, for us as investors, a wide range of potential for adding value," commented Kristoffer Ultenius, Managing Director of Artmax.
“The acquisition of this high-quality property in a prime location as well as the cooperation with Artmax is another important step in the development of Sonar and therefore we are pleased about the successful closing", said Nick Puschkasch, Managing Partner of Sonar.