Global fund manager Hines has bought what will be the Berlin headquarters of Allianz on behalf of South Korea’s Vestas Investment Management.
The Allianz Campus Berlin, a large office development that will house the German insurer’s operations in the city, was sold by Corpus Sireo, a subsidiary of Swiss Life.
Corpus Sireo and joint venture partner FOM Real Estate will remain responsible for construction of the complex, which is scheduled to be completed at the end of 2018.
Hines said it acquired the asset on behalf of Vestas in a share deal and forward-funding transaction, and would take over the long-term asset management of the property.
Lars Huber, chief executive of Hines Europe, said: “The Allianz Campus Berlin represents a long-term investment in a core market where we continue to see high demand.”
He said Hines would look for more investment opportunities in Germany in order to expand its portfolio.
Allianz Campus Berlin comprises around 60,000sqm of rentable office space and 689 parking spaces, and is located close to the Adlershof S-Bahn station.
Allianz Deutschland will be the main tenant, having signed a lease running until 2034, and will establish its new Berlin headquarters in the property, giving up its current office in Berlin’s Treptowers complex.
Tenants will move into the building in the first quarter of 2019.
Corpus Sireo said it was aiming to get the highest possible certification from the German Sustainable Building Council (DGNB) for the building, which is DGNB Platinum.