Patrizia buys mixed-use office building in Berlin for clients

Patrizia has invested an undisclosed amount to buy a fully-let 5,700sqm mixed-use office building in Germany for its institutional clients.

The acquired asset in Kreuzberg, a Berlin submarket, includes a data centre building, two modern buildings including a recently refurbished loft office and a newly built office property.

Ulf Christiansen, who led the transaction at Patrizia, said: “This is a micro-location we know very well having previously acquired properties in the immediate area and we are pleased to have secured another well-positioned asset in what is an improving Berlin submarket where value can still be found.

“This attractive, modernised property benefits from diversification of income due to its range of office tenants and data centre, which ensures that we will be able to deliver robust returns to our investors.”

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