Benson Elliot has invested in a mixed-use central Berlin real estate scheme through an off-market deal.
The UK-based private equity real estate manager said it bought 2.5 hectares in the north of the German capital from listed Austrian property company CA Immo.
The area, part of Berlin’s Europacity urban renewal project, will be developed by Benson Elliot’s joint venture partner Kauri CAB Development, with 70,000sqm of residential, retail, restaurant and office space.
Philipp Braschel, Benson Elliot partner, said Berlin was “going from strength to strength”.
“The Europacity site provides Benson Elliot with a unique opportunity to create high-quality rental housing right in the heart of Berlin, whilst making a significant contribution to the city’s sustainable development,” he said.
Kauri CAB Development, a specialist Berlin residential asset manager, will develop 500 multi-family apartment units, with ground-floor restaurants and cafés.
The project will also incorporate around 10,000sqm of commercial and mixed-use space and a day-care centre.
Benson Elliot last year bought two Berlin properties in a sale and leaseback deal.
The two office properties, in the centre of the German capital, were sold by Berliner Volksbank.
