CBRE Investment Management has acquired 142 housing units with a combined GLA of around 10,910m² in Berlin’s central Mitte district on behalf of an international mandate. Located in five separate buildings, the apartments are part of the Mittenmang urban quarter which was completed three years ago. The seller is Lakeward Real Estate AG, an international real estate private equity investment firm based in Switzerland.
The property in Klara-Franke-Strasse also includes an 80m² office and 70 parking spaces. Almost half of the apartments are between 40 and 60m² in size, and a third of the apartments are particularly attractive for families, with a size of between 90 and 108m². The variety of individual floor plans offer living space to different target groups, from single and two-person households to families. All units feature a terrace, loggia or a balcony and several courtyards provide green spaces for inhabitants as well as visitors.
Sebastian Ehrhardt, Head of Transactions DACH, CBRE Investment Management, commented: “The apartments stand out thanks to the high quality of the building and the location, making the asset an ideal investment for our international mandate. Adding to that, the development was made with social responsibility to the Berlin neighbourhood in mind, which fits well with our ESG strategy. Mittenmang was conceived with a focus on adding value to the community and at locally affordable pricing.”
Jean-Antoine Robert, Senior Portfolio Manager, CBRE Investment Management, added: “Mittenmang fits our mandate’s long-term investment strategy of acquiring future-proof assets with sound demand fundamentals. We believe this centrally located property will continue to attract strong tenant demand and deliver stable cash flows. We are pleased to add Mittenmang to our portfolio and look forward to sourcing further investment opportunities in core European markets for our client.”
