AXA Investment Managers - Real Assets has acquired a Berlin office complex from Caleus TechnoCampus Berlin.
The manager said it acquired the 48,000sqm TechnoCampus asset, on behalf of clients, for an undisclosed sum.
Caleus will retain a minority stake and work with AXA IM - Real Assets to deliver a proposed development.
Situated in Siemensstadt, in the Spandau District, TechnoCampus comprises four buildings of between five and ten floors, providing 39,000sqm of office space, of which around 25,000sqm has been refurbished since 2013, alongside storage space and parking for 380 cars.
AXA IM - Real Assets and Caleus will develop two further buildings with 20,000sqm of office space, which is expected to be completed by the end of 2021.
John O’Driscoll, the European head of transactions at AXA IM - Real Assets, said: “Located in a sought after and established sub-market of Berlin, which is seeing growing interest from a range of blue-chip occupiers, this landmark asset aims to provide our investor clients with a clear and rare opportunity to significantly enhance returns through a programme of refurbishment, re-leasing and re-positioning.
“By delivering one of the first institutional quality office buildings outside of the Berlin CBD, we will be able to materially improve the rental tone, in line with our value-add strategy.”