Patrizia Immobilien has bought a mixed-use asset in Germany on behalf of private investors for €100m.
The investment manager acquired Forum Landsberger Allee in Berlin from Peakside Capital on behalf of a private investors’ fund managed by Patrizia GrundInvest.
Peakside said it sold the asset on behalf of Peakside Real Estate Fund II, which is currently in realisation phase.
The Forum Landsberger Allee was built in 1996 and underwent further expansion in 2015.
The property provides over 35,000sqm of space, with around 13,900sqm devoted to office space, 6,300 devoted to convenience retail space and 14,300sqm devoted to hostel and hotel space, the 870-bed Generator Hostel and a 155 room Park Plaza hotel.
Daniel Dreyer, the head of commercial acquisitions at Patrizia, said: “We have been able to identify and acquire this core property in the growing and globally sought-after metropolis.
“The asset, with its diverse user mix of offices, practices, hotels, hostels and retail, is a very attractive proposition for private investors looking to invest in one of Germany’s most liquid cities.”
Boris Schran, a founding partner of Peakside Capital, said: “This is an excellent illustration of Peakside’s ability to take a tricky asset with many complicated aspects and through focussed asset management activity and our market know-how, transform it into a high-quality core institutional assets.”
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