Investment firm Ardian is acquiring a 9,500sqm value-add office building in Germany’s capital.
Ardian said it has agreed to buy the Berlin office building located near Lützowplatz without disclosing the purchase amount, but added that the acquisition is one of the largest value-add office deals in Berlin this year.
The building, which was renovated in 2001, is currently 80% leased, and Ardian plans to invest a ”double digit million euro sum” to fully modernise and densify the property.
Nico Rheims, real estate managing director at Ardian, said: “We are pleased to announce the purchase of this office project as it is testament to a starting comeback of value-add office space transactions in Berlin, a market segment that has been rather quiet in the past three years.
“At this prime location in Berlin-Mitte, we are planning a comprehensive repositioning with a particular focus on quality and sustainability. We are convinced that these factors – quality, location and sustainability – will remain key drivers of the rental and investment market in the future, and we therefore continue to seize opportunities in office buildings as an asset class.”
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