Sonar Real Estate and Angelo Gordon have acquired a multi-tenant property in Berlin-Lichtenberg as their first joint venture project. The vendor is WALTER Beteiligungen und Immobilien AG, which refurbished the asset between 2018 and 2021 for circa €7m and optimised the tenant structure. The parties have agreed not to disclose the purchase price.
"LAN 131" is situated at Oderbruchstrasse 10,12,14 / Landsberger Allee 131 A–C and is characterized by outstanding public transport connections, with tram and bus in front of the asset as well as ‘Landsberger Allee’ S-Bahn station in only four minutes walking distance, providing access to Berlin’s S-Bahn ring. The property offers 13,000m² of lettable area, 200 parking, 125 bicycle spaces and is 96% let with a weighted average unexpired lease term (WALT) of approx. 5.4 years. Office tenants benefit from a mix of F&B, retail as well as a gym on the ground floor.
In addition to the existing buildings, the joint venture partners plan to construct a new six-storey building, for which a building permit is in-place, providing around 3,200m² of gross floor area, which shall complete in Q3-2023. The partners plan to create a new internal courtyard as a significant benefit to tenants.
Marcel Hertig, Director at Angelo Gordon, said: "We are pleased to welcome Sonar Real Estate as a partner of Angelo Gordon as we continue to accelerate our ambitions in the German real estate market with our latest acquisition in Berlin. Sonar has an excellent reputation in the market, and we are grateful to have established what we expect will be a successful relationship with another operating partner active across Germany. Together with Sonar, we look forward to unlocking the value of this property’s existing and new buildings, with a focus on elements that will positively impact the local environment and the well-being of its’ tenants."
Nick Puschkasch, Managing Partner at Sonar Real Estate, commented: "We are delighted to be collaborating with Angelo Gordon as a well-respected partner for this investment. Together, we will leverage the value-add potential of the property, which is in one of Berlin's up-and-coming commercial submarkets. The opportunity to increase the density of the site fits particularly well with Sonar Real Estate’s strategy, with its strong focus on development activities.”
Jurgen Kolper, board member of WALTER Beteiligungen und Immobilien AG, said: "With Sonar Real Estate and Angelo Gordon, we have found experienced experts who will continue to successfully implement our value add strategy. After extensively refurbishing the property, optimising the tenant structure and obtaining planning permission for an extension to the office complex, we have laid the foundations for further optimisation of the property."
