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.”