CBRE Investment Management has paid an undisclosed sum to buy a mixed-use scheme on behalf of one of its funds.
The manager said it has acquired Residenz am Deutschen Theater in Berlin on behalf of the unnamed fund.
The 13,125sqm Residenz am Deutschen Theater asset, which comprises three buildings, is made up of residential, office, retail and other space, CBRE IM said, adding that over time, the offices will be converted into residential units.
Sebastian Ehrhardt-Unmuessig, head of transactions Germany at CBRE Investment Management, said: “Despite recent market turbulence, Berlin remains an attractive city for investment in the European market, given its supply constraints1.
“This was a unique opportunity to increase the fund’s residential exposure to the German market by investing in a mixed-use scheme with strong value enhancement potential, in a prime location in one of the most liquid markets in Europe.”
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