Corestate acquires Berlin office for Metropolitan and BlueRock
Corestate has acquired the Tempelhof Twins office property in Berlin for €86m on behalf of Metropolitan Real Estate and BlueRock Group.
The value-add investment will be structured as a joint venture between Metropolitan, the global real estate multi-manager arm of the Carlyle Group, and a fund managed by German office specialists BlueRock.
Both co-investors are new clients of Corestate.
CEO Lars Schnidrig said Corestate would apply its “manage-to-core strategy” on the 22,300sqm property, which is located on the Teltow Canal in the Tempelhof commercial district.
“This is based on our approach of investing for our customers in properties with value creation potential, which we leverage through renovation, repositioning and letting.
“Returns on these investments that can even be in the double-digit range are thus achievable.”
Corestate plans to renovate the building before bringing it to full occupancy. It is currently 80% occupied.