CBRE Global Investors, on behalf of one of its pan-European strategies, has acquired the Sudkreuz Quartier in Berlin. The vendor was a joint venture between a pension scheme and Hines. The residential quarter was completed last year and comprises 36,975m² of GLA across 11 buildings.
The quarter in the Schoneberg district offers a range of different housing types. Of the 664 residential units, 213 are micro-apartments, 116 are subsidised and the remainder is in the free rental segment. The quarter also includes a children’s nursery, several playgrounds, climbing walls, a gym, a roof garden, workshop spaces, co-working areas, a fully equipped music room, a café, a multifunctional pavilion, and 166 parking spaces. In addition, there is an extensive sharing offer in the area which includes e-mobility (e-cars and e-bikes) as well as parking spaces for over 1,000 bicycles including a repair shop for bikes.
Sebastian Ehrhardt, Head of Transactions Germany, CBRE Global Investors, said: “The Sudkreuz Quartier is an appealing investment to the fund’s portfolio, providing secure income as well as aligning with its ESG goals. Ample amenities put the community at the heart of the new development, which adds affordable housing to the tight Berlin market.”
Christoph Reschke, Senior Managing Director at Hines Immobilien, added: “With the Sudkreuz Quartier, we have set new standards in residential developments. The experience gained with Sudkreuz will help us raise the bar in developing further residential projects in the coming years. With CBRE Global Investor we have found an investor that is experienced and willing to continue to manage the property to the highest of standards.”
Joachim Wintzer, Managing Director at Hines Immobilien, commented: “A particular focus was on ESG measures, which fosters a lively neighbourhood that includes all types of residents. In addition, our activities in digitalising the building provide a perfect starting point for several sustainability efforts that will allow the project to be managed in a sustainable and cost-efficient manner. We are happy to remain closely connected to the project by actively supporting the new owner on-site in the coming years.”