Commodus, acting on behalf of "Commodus Germany Fund II SCSp, RAIF", has acquired an office property located at Nahmitzer Damm 12 in Berlin-Marienfelde from Amundi RE Italia. The asset comprises c.11,000m² and is partially let to the American IT group IBM. Originally, IBM was the sole tenant of the property. The termination of the lease for a part of the rental space at the beginning of 2018 resulted in a vacancy rate of around 63%, which Commodus now plans to develop and convert into an attractive office campus. The scheme benefits from easy access by public and private transport. The purchase price was not disclosed.
"We see significant potential for appreciation in the Nahmitzer Damm property," said Dr. Matthias Mittermeier, managing partner at Commodus. "The current starting position with the prominent former single tenant IBM on board and the new possibilities for floor area open up attractive prospects for us at this site. In a very well developed peripheral location of Berlin, we now have one of the few remaining properties that allow the immediate leasing of more than 5,000m² of high-quality office space. At the same time, Commodus is planning to transform the building into a multi-tenant property, to expand the possibilities for use and to increase the building's flexibility. This new acquisition fits perfectly into the successful Commodus strategy."
