Commodus Real Estate Capital GmbH has acquired a single-tenant office building in central Berlin. The property in Berlin-Mitte has a total rental space of roughly 60,000 m² and has been fully let to a financial services provider with a mid-term lease. The parties have agreed to maintain discretion about the purchase price. The property is part of the recently established Commodus Deutschland Fund II, which focusses on value-added office properties in Germany's top seven cities.
The office property on Gustav-Meyer-Allee, located on the former AEG factory and production premises, was completed in the late 1980s. The site and the building were then divided up as part of estate proceedings. Commodus has now acquired the section of the building at Gustav-Meyer-Allee 1 from a private group of heirs as part of its joint venture. The building was refurbished in 2001.
“The office property that we have acquired is characterised by the stable income it provides, its prime micro-location and its excellent location in the heart of Berlin. Another advantage is the structural flexibility it offers, meaning that the building could also be used for a multi-tenant structure in the future,” says Dr Matthias Mittermeier, Managing Partner at Commodus. “We will continue to expand our office real-estate portfolio. The property on Gustav-Meyer-Allee is the first investment in our second, recently established fund for value-added office real-estate investments in Germany’s top seven cities.”
