CBRE Investment Management has acquired a 12,400sqm office building complex in Germany in a sale and leaseback deal with Deutsche Telekom.
The manager said the property, which was acquired on behalf of a pan-European strategy, is located in Berlin’s central Mitte district and consists of a listed building and two new buildings. Financial details were undisclosed.
Deutsche Telekom will initially continue as a tenant in the property at Französische Strasse 33 A-C.
CBRE IM said it is planning to refurbish the building in the medium term.
Sebastian Ehrhardt, the head of transactions in Germany at CBRE Investment Management, said: “The complex in this prime Berlin location is an impressive amalgamation of the highly prestigious former Imperial telegraph office and the new buildings.
“We plan to preserve its character and develop a prime quality, modern and sustainable office property.”
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