Caleus and GIC’s German real estate investment partnership has bought a hotel asset in from Commerz Real.

Announcing the deal, Commerz Real said it has sold the 5-star Hotel de Rome at Behrenstrasse 37 in Berlin-Mittein to Caleus Capital Partners for an undisclosed sum.

Built in 1889 as the headquarter of Dresdner Bank, the building later accommodated the East German state bank and was fully renovated in 2006. The hotel now has a gross floor area of 18,300sqm, accommodating 108 rooms and 37 suites.

The asset has been in the portfolio of the Commerz Real open-ended real estate fund Hausinvest since 2007.

Henning Koch, global head of transactions at Commerz Real, said: “We have utilised the ongoing high demand for properties in prime locations to attain a very good result for our investors.”

Patrick Reich, managing partner of Caleus, said: “We are pleased that we have been able to continue our successful investment strategy with this prestigious property in the heart of the nation’s capital after already acquiring two other properties on Wallstrasse and Chausseestrasse in off-market transactions this year.”

Singapore’s sovereign wealth fund GIC and real estate investment manager Caleus joined forces in March 2018 to invest in German real estate.

At the time, the companies said the partnership’s vehicle, Caleus Capital Partners, will be investing in assets in Berlin, with correctable impairments where sustainable value can be created through active asset management or a redevelopment strategy.