CBRE Global Investors has bought a residential quarter in Germany on behalf of one of its pan-European strategies.
The manager said it has acquired the Südkreuz Quartier in Berlin from a joint venture between an unnamed pension scheme and Hines.
Südkreuz Quartier in the Schöneberg district was completed last year and comprises 36,975sqm of space across 11 buildings.
Sebastian Ehrhardt, head of transactions Germany, CBRE Global Investors, said the asset is an appealing investment to the fund’s portfolio, providing secure income as well as aligning with its environmental, social and governance (ESG) goals.
”Ample amenities put the community at the heart of the new development, which adds affordable housing to the tight Berlin market.”
Christoph Reschke, senior managing director at Hines, said the experience gained with Südkreuz will help Hines raise the bar in developing further residential projects in the coming years.
“With CBRE Global Investor we have found an investor that is experienced and willing to continue to manage the property to the highest of standards.”
Joachim Wintzer, managing director at Hines, said: “A particular focus was on ESG measures, which fosters a lively neighbourhood that includes all types of residents.
”In addition, our activities in digitalising the building provide a perfect starting point for several sustainability efforts that will allow the project to be managed in a sustainable and cost-efficient manner.”
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