BNP Paribas Real Estate Investment Management (REIM) Germany and Cording Real Estate Group (Cording) have acquired a second property for their Real Value Fund. The property is in the Prenzlauer Berg district of Berlin, at Schönhauser Allee 120/122a. The purchasers anticipate further increases in demand for office space close to the city centre and therefore see considerable added value potential by making appropriate investments in the modern property. The vendor is a joint venture between a fund advised by Tristan Capital Partners LLP and Caleus Capital Investors. The parties have agreed not to disclose the purchase price.
The property has a total floor area of around 13.500m² on six floors. On the ground and first floors are ca. 3.000m² of retail accommodation. The upper floors house around 8.500m² of office space overall. There is also storage and filing space. The property, which dates from 1996 and was partly modernised in 2016, also includes 158 underground parking spaces.
The Real Value Fund was launched by BNP Paribas REIM Germany and Cording in 2015. A special real estate fund in accordance with the German Capital Investment Act (KAGB), it invests in commercial property in good locations with prospects of significant value increase through consistent asset management. The equity commitments in place at the launch of the fund have since been doubled.
