European real estate investment trust Colonial SFL is acquiring a 51% stake in a €300m German mixed-use property portfolio from Generali Real Estate.
Colonial SFL has taken the majority stake in the two-asset super-prime Berlin portfolio, which comprises LindenCorso on Unter den Linden and Atrium on Friedrichstrasse, with Generali retaining the remaining 49% stake.
The assets provide a total gross floor area of 42,000sqm across a mix of office, high-street retail and prime residential space.
Pere Viñolas, CEO of Colonial SFL, said: “This transaction marks Colonial SFL’s entry into the Berlin prime market through a partnership with a highly regarded institutional investor and asset manager such as Generali Real Estate.
“The acquisition of LindenCorso and Atrium as co-investor in this joint venture is aligned with our strategy of investing in Europe’s leading cities, focusing on high-quality assets with strong fundamentals and embedded growth potential.
“Berlin represents a natural extension of our platform. Through this partnership, we combine Generali and Colonial SFL’s pan-European capabilities, with the shared objective of creating value over the medium term in a disciplined manner.”
Aldo Mazzocco, CEO of Generali Real Estate, said: “By sharing the ownership and management of two large core assets in the centre of Berlin, LindenCorso and Atrium, we confirm our interest in Germany’s major cities, combining our capabilities with those of Colonial.
“The purpose remains the same we are pursuing everywhere in Europe: to satisfy our clients, reinforcing occupancy and solid income, and preserving the capital value of our investments.”
To read the latest IPE Real Assets magazine click here.
