Asset manager DWS has added a German residential asset to its European value-add real estate fund.
DWS has acquired the asset at Ansbacher Straße 8-14 in Berlin’s City West district from Optima-Aegidius, marking the debut investment for its European Real Estate Partners (EREP) strategy.
Financial details were not disclosed.
The 7,380sqm property includes residential and commercial space, supported by strong tenant demand and strategic positioning in Berlin.
DWS said the residential portion of the property comprises 148 units and offers significant value-add potential.
Ronen Ribak, head of value-add, real estate Europe at DWS, said: “This acquisition exemplifies the type of asset that EREP targets and aligns with our conviction on European city centre living.
“The ability to upgrade a centrally located property and undertake a highly accretive development in one of Berlin’s strongest micro locations makes this a highly compelling first investment for the strategy, and a strong benchmark for the additional investments we are already working on as we establish highly attractive, carefully selected Living focused assets for the strategy.”
Carol Choy, portfolio manager for EREP, said: “Our platform allows us to combine local development expertise with institutional investment discipline which will enable us to reposition and unlock the potential of existing buildings in key markets in Europe in a way that enhances sustainability while creating a highly desirable living product.
“This project perfectly reflects our ability to execute on our strategy of identifying opportunities where active asset management delivers superior returns for our investors.”
Ulf D Laub and Jens Laub, executive board members of Optima-Aegidius, said: “The prime location and an appropriate purchase price, combined with flexibility in development, enable us to preserve the existing structure while creating something new.”
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