German insurer Versicherungskammer has bought a fully-let office and commercial building at Kurfürstendamm 12 in Berlin from RFR-Group.

International real estate investment manager Savills Investment Management said it has advised on the acquisition of the newly constructed office and commercial building for Versicherungskammer.

The building was part of the historic Gloria ensemble, a former neo-baroque cinema hall. In 2018, this was demolished and a new three-part building ensemble was constructed, Savills IM said.

The new building comprises more than 6,500sqm of rental space across six floors.

Tim Ulrich, the head of transaction management in Germany at Savills IM, said: “We are delighted to have secured this attractive office and commercial building in Berlin’s undisputed prime location for Versicherungskammer.”

Ulrich said the transaction and the subsequent asset management of the property mark the first time that the Versicherungskammer and Savills IM have worked together.

Stephan Huber, the head of real estate investment at Versicherungskammer, said: “This attractive office and commercial building in an absolutely prime location in Berlin represents a future-proof and sustainable investment due to the high-quality new construction, the stable letting situation and the DGNB Platinum certification.

”We are pleased that we were able to acquire this high-demand property and further diversify our real estate portfolio.”

To read the latest edition of the latest IPE Real Assets magazine click here.