Patrizia has added a fully-let 4,400sqm office building in central Berlin to its portfolio.
The manager, on behalf of its institutional clients, has paid an undisclosed amount to buy the newly built Michaelkirchstraße 20 building from Spree Area. The building is let to Urban Sports Club.
Ulf Christiansen, director of transactions at Patrizia said: “We are pleased to have completed the off-market acquisition of this new office building in a central Berlin location that is establishing itself as a key submarket due to several other projects being under construction in the area.
“There is still robust demand for high-quality office space that meets the requirements of modern occupiers, including the need for buildings to have strong sustainability credentials. Together with the potential to deliver rental upside in the medium term, we are confident that this property will bring stable, long-term returns to our investors.”
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