A fund advised by Meyer Bergman has sold the Topas Arkade building on Friedrichstrasse, Berlin to UBS Real Estate GmbH. The parties agreed not to disclose the purchase price for the high street property.
Meyer Bergman European Retail Partners III has acquired the 5,500 m² block in the fourth quarter of 2016 following lengthy approval procedures on the vendor side to take ownership. The building’s ground level and some basement space are retail units while the upper four floors are in office use.
Topas Arkade dates from 1900 and incorporates part of the historic façade of the former Polish Pharmacy – Polnische Apotheke. It is a block away from Unter den Linden, Berlin’s famous boulevard, and other major tourist sights which include the iconic Brandenburg Gate, Checkpoint Charlie and Gendarmenmarkt. The area’s excellent public transport links also make it a popular office location for companies, ensuring high visitor numbers.
Henning Zimmermann, Vice President at Meyer Bergman, said: “UBS Real Estate GmbH approached us just as our business plan for the property was gaining momentum. We felt that it was in the best interest of the fund’s investors to accept the offer, which reflects the dynamics of the under-supplied office market in Berlin-Mitte and the location of the property on the prime retail stretch of Friedrichstrasse. As active investors in Germany, we continue to look for fresh value-add opportunities to put our fund’s capital to work.”
