CBRE IM acquires Berlin residential property (DE)

CBRE IM acquires Berlin residential property (DE)

CBRE Investment Management has acquired project Thaerstrasse, a 12,267m² residential scheme in Prenzlauer Berg, one of Berlin’s most sought-after residential locations.


Project Thaerstrasse was completed in 2010 and comprises 133 residential units, as well as 106 car-parking spaces and 157 bicycle racks housed in an underground carpark, meeting the affordability and sustainability requirements of the strategy. Of its 133 units, 67 are let as PRS units, whilst 66 are let to Caritas Internationalis – one of Germany’s largest charity organisations - as homes for senior citizens. In addition, Caritas Internationalis operates a small office space within the building, where residents can seek support for their day-to-day needs. Project Thaerstrasse also encompasses a play area, a retail unit and two children’s nurseries.


The asset is located in Prenzlauer Berg in the Pankow district – Berlin’s second largest district in terms of size, and largest district in terms of population. Prenzlauer Berg is extremely popular with young families, thanks to the high concentration of schools and children’s nurseries in the area. Located close to the Alexanderplatz, Prenzlauer Berg is characterised by its historic architecture, fashionable bars and restaurants, as well as shopping and recreational facilities.


Marius Schoner, Head of EMEA Residential Operator Division at CBRE Investment Management, said: “This was an excellent opportunity to acquire a modern residential asset that aligns with the requirements of this particular residential strategy – to deliver affordable, good quality and sustainable rental homes whilst making a positive social impact. This scheme will provide affordable homes in a vibrant, sought-after central city location for key workers, senior citizens and middle income households in general.” 

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