Allianz Real Estate has acquired its second ”manage-to-core” office asset in Germany in partnership with Quest Investment Partners.
The €63.5bn manager has formed a new 50:50 joint venture with Quest to buy the 30,000sqm Focus Teleport office complex in central Berlin for an undisclosed sum.
The duo first teamed up a year ago to buy the 11,300sqm Überseehaus office and commercial building at Baumwall 5-7 in Hamburg.
Annette Kroeger, CEO of Allianz Real Estate for North and Central Europe, said: “We are delighted to be expanding our exposure to the attractive and dynamic Berlin office sector through this manage to core opportunity.
“We believe the market represents excellent, long-term value on a selected basis, with Focus Teleport an example of an in-demand asset with strong growth prospects.”
Jan Rouven Künzel, managing partner of Quest Investment Partners, said: “Focus Teleport represents a truly exciting opportunity to add significant value through strategic redevelopment, with substantial upside potential.
“We are delighted to be working with Allianz Real Estate again and look forward to further expanding our joint partnership-oriented investment strategy.”