REInvest Asset Management has signed the purchase agreement for the public authority building at Ringbahnstraße 132 in Berlin in July 2021. Once the final revitalisation work has been completed, the Berlin Criminal Investigation Office (LKA) will move its anti-terrorist headquarters into the building. The seller was Hamburg-based Paribus Immobilien Assetmanagement. The property was secured for the DRED SICAV FIS fund, which invests in German office properties. The principal investor of the Luxembourg-based real estate special fund is a major German insurance company. The entire building is being leased to BIM Berliner Immobilienmanagement GmbH for 35 years. The first parts of the building have already been handed over for use. Around 1,200 employees will be based there when the remaining rental space is transferred in 2022.
"The building is being let to the LKA on a very long-term contract. It has been refurbished to top-quality standards and is in a prime location with excellent transport links. Added to this is its historical significance as a unique architectural monument. Investors could not wish for more. Which is why we are so pleased that this one-of-a-kind property will soon be enhancing the performance of our fund," said Stephan Böttger, Executive Director Fund Management at REInvest.
The office property comprises a total of approximately 26,000m² of rental space. It is located in Berlin-Tempelhof between Schoneberger Straße, Ringbahnstraße and Berliner Straße. The listed property is a brick building from the Expressionist period. It was built from 1925-28 by the government building officer Karl Pfuhl based on preliminary designs by the architect Edmund Beisel as the headquarters of the Reich Central Post Office. The building was most recently used by Deutsche Telekom until 2018.
Thomas Bocher, Managing Director of Paribus Immobilien Assetmanagement GmbH, commented: "The sale of the Ringbahnstraße property in Berlin marks the successful conclusion of a project which was challenging in every respect. It began in 2016 when we took over the asset management. Our team was able to demonstrate its expertise in all areas of real estate asset management on this project. An extraordinary job has been done here – from the structuring and procurement of financing and the development of a competitive utilisation proposal and its structural implementation right through to attracting and signing up tenants and ultimately the successful sale."