Patrizia has invested an undisclosed sum to buy an office building from German property investor Real Capital Holding.
Patrizia said the 13,300sqm property in central Berlin is almost entirely let for another 3.5 years. The property is located on Neue Jakobstraße in the Berlin-Mitte district between Alexanderplatz and Kreuzberg.
Ulf Christiansen, head of value-add acquisitions at Patrizia, said: “This was a great opportunity to acquire a good quality, well-connected asset in an improving submarket which is let to a high-grade tenant with government-backed income.
“The asset also offers the opportunity in the medium term to drive rental growth via multiple asset management angles, including a pure reletting, a larger refurbishment and even a partial redevelopment case.”
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