The real estate multi-family office PAMERA Real Estate Partners has sold a mixed-use property in Berlin-Mitte to a Canadian investor. The property, with a total lettable area of around 5,200m², was estimated at €21m. Active asset management since it was acquired in autumn 2014 generated a significant increase in the office rents, while the average unexpired term of the office leases has been raised to almost five years. The successful sale has considerably exceeded the targets set at when the asset was purchased.
In a second transaction, an office and technical building in Dusseldorf-Oberbilk has been sold in a tender process conducted by Savills. Acquired as a joint venture with E.T. MYER Immobilien in the end of 2015, the property has a lettable area of around 5,000m². The buyer is SIGNA subsidiary "SIGNA Urban Living".
Together HPP Architects, PAMERA and E. T. MYER developed several planning concepts for a full refurbishment of the property, which allow for a total of c.120 apartments. SIGNA aims to implement the project in 2018.
The parties have agreed not to disclose the sale price.
