CBRE Global Investors has bought a shopping destination for design furniture in Berlin’s Charlottenburg district from an ARB Investment Partners fund.
The $104.2bn (€91.0bn) asset manager said has it acquired the 24,840sqm Stilwerk building from Nis Arb Edo for an undisclosed sum.
The property consists of two buildings and houses around 40 independent shops.
CBRE GI said it plans to convert the fourth floor which is currently used as retail space into modern office space.
The asset fits well within CBRE GI’s strategy for large dominant real estate assets in prime locations of Germany’s top cities, the manager said.