Patrizia has acquired Berlin’s tallest office building from ARB Investment Partners.

The €42bn pan-European real estate investor said it has bought the 26,000sqm Treptower building for an undisclosed sum.

The acquisition increases the value of Patrizia’s office portfolio across Europe to nearly €14bn, the manager said.

ARB Investment’s NIS ARB EDO fund acquired Treptower in October 2013.

Built in 1998, the 32-storey building is 99% let to 11 occupiers.

Ulf Christiansen, director transactions at Patrizia, said: “This acquisition demonstrates our ability to source and execute landmark buildings, which present attractive investments for our clients.

“Whilst already producing a secure income stream, the asset also offers upside potential, with an opportunity to grow this income over the medium term, leveraging the property’s location in a dynamic area of Berlin where occupier demand is strong.”

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