The Skjerven Group has acquired two properties in Berlin for the Joint Venture with the value-add fund of Europa Capital for a total of circa €40m in an off-market deal. The properties are in close vicinity to the famous Kurfurstendamm, and are located in a typical established part of Berlin West. The properties are under refurbishment, which will be finalized in 2Q 2022. The seller is a German family office, which will also complete the refurbishment program.
The two Wilhelminian style houses comprise a total of 89 apartments, penthouses and commercial units, and will be offered for sale as individual units. About 30% of the units are available for owner-occupiers at short notice. The prices will range up to €9,000 per m² for the apartments and €11,000 – 12,000 per m² for the newly built penthouses.
"The two houses on Joachim-Friedrich-Strasse will be delivered in good condition in terms of substance and fit-out standard," said managing director Einar Skjerven. “When the product is ready, we will presumably be able to sell the apartments quickly to owner-occupiers in Berlin or to capital investors from Germany. The demand for residential property is higher than ever in Berlin due to the lack of apartments in Berlin, negative interest rates and the lack of investment alternatives in general."
