Art-Invest Real Estate has bought a mixed-use Berlin scheme with two pension funds.
The German property company, which focuses mainly on the hotel and office sectors, invested in the City Carré complex in the German capital.
The asset, in Koppenstrasse near Ostbahnhof, was sold by Commerzbank, which will occupy around 24,000sqm of the 44,000sqm scheme.
The complex, which includes office, hotel and retail space, will be held in a German Spezialfonds vehicle.
Hotel operator Novum has a 20-year lease for the complex’s 133-room Novum Select-Hotel.