Barings Real Estate Advisers, has sold the office and retail building "Charlotte 13" in Berlin. The purchaser is Real I.S., which has acquired the property for its Real I.S. Themenfonds Deutschland Themenfonds Deutschland - thematic fund.
The property, a six-storey building dating from 1931, stands on a 2,700 m² site at the corner of Charlottenstrasse and Rudi-Dutschke-Strasse, on the boundary of the Kreuzberg and Mitte districts. Situated in the historic media quarter between Potsdamer Platz and Gendarmenmarkt, the building was refurbished, and the Rudi-Dutschke-Strasse section extended, in 2000/2001. The property provides around 8,300 m²of offices, 1,100 m² of retail accommodation and almost 1,500 m² of storage, with three parking spaces.
"Against the background of a dynamic trend in the German letting market, this multi-tenanted commercial property, anchored by a good covenant and in a prominent position, is an investment that will match the high standards of the Themenfonds Deutschland", comments Jochen Schenk, Director of Real I.S. AG.
The asset is 95% let with Barings Real Estate Advisers having re-let the space formerly occupied by MDK-Medizinischer Dienst der Krankenkasse. The new anchor tenant is the Jülich GmbH research centre. Other occupiers of the property include a newspaper publisher and a real estate service provider.
Nick Puschkasch, Head of Barings Real Estate Advisers' Berlin office said: "This property demonstrates the strength of the Berlin office market. Despite the foreseeable vacancy of almost 5,000 m², we were able to re-let the space before the anchor tenant moved out and then hand it over in stages to a very good tenant. We are very pleased to have then found a very well-known purchaser in Real I.S."
JLL Berlin brokered the transaction. The vendor's legal adviser was GT Greenberg Traurig, while GÖRG Partnerschaft von RAen MBB acted for the purchaser.
