Cording Real Estate Group has advised a separate account client on the acquisition of the office building Carrée Seestrasse in Berlin for €225m, reflecting a price of around €3,480/m² of lettable area. The vendor is Deutsche Real Estate AG.
Built in 1880 and formerly used as an industrial building for light bulb production by manufacturer Osram, it comprises around 64,700m² of office, retail and leisure space and provides a loft-style ambience from its brick stone façade and high ceiling heights of between four and six metres. Cording will manage the property from its Berlin office. The property is let in small units and currently has an occupancy rate of around 82%. The largest tenant with 8,500m² is Charité, one of the largest university hospitals in Europe.
Stephan Schaal, head of investment Germany at Cording, said: “This acquisition represents an opportunity to enhance the profile of the property through selected asset management initiatives. We see clear potential for an uplift in capital values in this up-and-coming location”.
