Barings has invested an undisclosed sum to buy a fully-let office in Berlin’s central Mitte district for a pan-European core strategy.
Barings said it has acquired the mixed-use 3,700sqm property at Leipziger Strasse 124 from Westbrook Partners.
Sascha Becker, managing director and real estate country head in Germany at Barings, said: “The property’s central location, its diversified tenant base across office and retail space, its environmental credentials, and the rental potential combine to make the asset a strong investment for a long-term strategy.
“We continue to see opportunities in Berlin, both in the redevelopment of existing stock and delivery of new projects and are open to entering joint ventures with developers.“
Gunther Deutsch, the head of transactions Europe and managing director, Germany, at Barings, said, in 2021, Barings closed €600m of office transactions in its target markets of Germany, Netherlands, UK, Italy, France, Spain and the Nordics, including the acquisitions of the Mediapark 6 in Cologne and the Medienzentrum in Düsseldorf.
“In 2022, we will concentrate on developments and refurbishments in the European office markets, investing across the entire risk spectrum – from value-add via core-plus to core.”
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