Hannover Leasing has sold the historic Topas Arkade building on Central Berlin’s Friedrichstraße on behalf of a closed-end fund managed by Hannover Leasing. The purchaser is a fund advised by the investment company Meyer Bergman headquartered in London.
The listed property is on the corner Friedrichstraße and Mittelstraße, a block away from Berlin’s famous boulevard "Unter den Linden“. The building dates from 1900 and provides 511m² on five to six floors. Refurbished in 1998 the building is fully occupied and has groundfloor retail units with offices on the upper four floors. At Friedrichstraße the building is characterised by a distinctive arcade passage leading to the shops on the groundfloor.
Michael Ruhl, managing director of Hannover Leasing, comments: „The ‘Topas Arkade’ is an extraordinary building in an excellent location. After holding the property for more than 20 years – even through challenging phases of the Berlin real estate market – we now were able to take advantage of the dynamic market cycle to carry out a successful exit for the fund.”
As a result investors of the fund will achieve returns of more than 200 percent over the entire term of the fund and an IRR of 6 percent with regard to the equity without agio.
