German publisher Axel Springer has sold its future headquarters in Berlin, currently under construction, to Norway’s sovereign wealth fund, while selling its existing home to Blackstone.
Norges Bank Real Estate Management, which manages property investments for the NOK8.1trn (€865bn) oil fund, said it bought the project for €425m.
Axel Springer sold the 100% interest in the Axel Springer Neubau office building in Berlin Mitte, which is to be completed in December 2019, entering into a sale and leaseback.
Meanwhile, Blackstone and Quincap Investment Partners have agreed to buy Axel Springer Passage, a 53,000sqm office complex in Berlin Kreuzberg that is currently home to the publisher.
Axel Springer will move from the old headquarters to the new building in 2020.
Once finished, the new headquarters will have 52,200sqm of space. Its current home was developed in 2004 and is divided into 46,000sqm of office space and 7,000sqm of retail.
OfficeFirst, Blackstone’s German office portfolio company, will manage the building.
Anthony Myers, head of real estate Europe at Blackstone, said the firm was delighted to make another investment in Berlin.
“Axel Springer Passage will form an integral part of our German office portfolio which focuses on high-quality assets in prime locations across Germany’s gateway cities,” he said.