AEW office buys Berlin property
AEW, acting on behalf of the German office of the municipality, bought the Berlin “B5 “office building in the western part of Berlin.
The office in the Wilmersdorf district is an important trade office in the region. The percentage of the building is occupied. The office building has an office area of 15,900 square meters.
The building was first built in 1971. It has already undergone a number of renovations to improve the quality of the office space. 80% of the total allowed area is used in the office floor and 20% is used in the retail sales on the ground floor. Located on an easy access point, the office is centrally located between the main roads of the Kurfurstendamm and Bundesallee and the Fehrbelliner Platz and the city highway.
Matthieu Samaran, Director of AEW’s Düsseldorf investment team, commented: “We consider B5 to be a rare investment opportunity in terms of the quality of space, location and future tenant mix. Properties of this kind are not traded often in today’s market and upon completion of the refurbishment at the end of 2019, we believe our investors will benefit from an attractive value uplift.”
Lars-Henning Pylla, Fund Manager of AEW City Office Germany added: “We consider Berlin to be one of Europe’s most dynamic real estate markets and are therefore pleased to complete the Fund’s investment allocation in this top-tier city. In less than two years, we have demonstrated our ability to assemble a well-diversified German portfolio of institutional quality assets which provides our investors sustainable income with opportunities for value growth over the coming years.”
Sevdenur Demir / [email protected]