PGIM Real Estate has bought a Berlin office tower on behalf of German and Swiss institutional investors.
The manager said it has agreed a forward deal to buy the 50,000sqm STREAM office building from SIGNA for an undisclosed sum.
Construction began in early this year and completion is scheduled for the end of 2021.
Sebastiano Ferrante, head of Germany and Italy at PGIM Real Estate, said: “This is primarily indicated by the continuing demand from tenants, combined with a limited supply.
“We are therefore pleased that, as part of our investment strategy, we have been able to make a further acquisition for our institutional investors
which should enable them to achieve an attractive increase in value and a return in the long term.”
Timo Herzberg, CEO of SIGNA Real Estate Germany, said: “The location has developed into a top office market and is particularly popular with companies from the technology, media and telecommunications sectors.
”STREAM stands out with its distinctive architecture and top tenant.”