TLG Immobilien AG is set to add the Erlenhöfe office property in Berlin to its portfolio, after having the purchase agreement notarised at the beginning of the year. The total investment volume is €50.6m. The Erlenhöfe property (Aroser Allee 68, 13407 Berlin) is located in Berlin's Reinickendorf district, a well-established office location for companies in the healthcare industry. The property's main tenants include Vivantes, Germany's largest public group of local medical clinics, and Vitanas, one of Germany's largest operators of elderly care facilities; both have administrative offices in the property.
The office building generates net rent totalling some €2.9m per year and has an occupancy rate of 88.5% at present. The average lease term of the lease agreements (WALT) is 4.7 years.
The combined property – comprising an older section which was fully renovated in 1993 and a new section completed in 1997 – offers some 36,700m² of lettable space. The property’s flexible, campus-like structure offering quality accommodations as well as its easily accessible location in Berlin make the Erlenhöfe an appealing office location.
"It’s not simple to find high-quality office properties at reasonable prices in Berlin right now," said Niclas Karoff, member of TLG IMMOBILIEN AG's management board, regarding this further acquisition. "This is why we’re especially pleased to have been able to land this acquisition in our core market of Berlin."
