Real IS buys central Berlin asset from Barings Real Estate
Real IS has bought a real estate asset in central Berlin from Barings Real Estate.
The Charlotte 13 office and retail building was bought by Real IS for its Themenfonds Deutschland vehicle.
The asset, at the corner of Charlottenstrasse and Rudi-Dutschke-Strasse, is 95% let.
Around 8,300sqm is office space, with retail and stroage making up 1,100sqm and 1,500sqm, respectively.
Nick Puschkasch, head of Barings’ Berlin office, said the property demonstrates the strength of Berlin’s office market.
“Despite the foreseeable vacancy of almost 5,000sqm, we were able to re-let the space before the anchor tenant moved out and then hand it over in stages to a very good tenant.”
Jochen Schenk, director of Real IS, said: “Against the background of a dynamic trend in the German letting market, this multi-tenanted commercial property, anchored by a good covenant and in a prominent position, is an investment that will match the high standards of the Themenfonds Deutschland.”
The Themenfonds Deutschland vehicle, a diversified real estate special AIF, invests in core and core-plus German properties, with a focus on office and retail.