Germany’s BVK and Swiss Life acquire mixed-use asset in Berlin
Germany’s largest pension fund Bayerische Versorgungskammer (BVK) has partnered with Swiss Life Asset Managers and Corpus Sireo to buy the ZOOM retail and office building in Berlin from Hines.
The 16,500sqm building, which will be managed by Corpus Sireo, was sold by real estate firm Hines for an undisclosed sum.
The mixed-use ZOOM building, situated directly at Berlins station Zoo, was completed in October 2018 and is 90% leased.
Roy Brümmer, the head of investment and transaction, Corpus Sireo, said: “City-West is experiencing stable upturn. Investing here is a sustainably good decision.
”We are glad to be able to purchase such a prominent building in an absolute top location in Berlin City-West for Swiss Life Asset Managers and the BVK.”
Christoph Geirhos, head of property purchase and sales at BVK, said: “As a long-term oriented investor the object is convincing next to the attractive location due to the excellent quality as well as flexibility.
“We are glad to be able to purchase a further top property together with Swiss Life Asset Managers.”
ZOOM was developed in a joint venture by Hines and a German pension fund. This was the first of currently five projects that were carried out in collaboration with this pension fund.
Joachim Wintzer, managing director of Hines, said: “We are particularly delighted that with Bayerische Versorgungskammer and Swiss Life Asset Managers we have found a renowned prestigious consortium of buyers for continuing the future of the project.”