An open-ended real estate fund managed by Real IS has bought its first German property.
Real IS said it has paid an undisclosed sum to buy two buildings which form part of the Kontorhaus complex in Berlin for its Realinvest Europa fund.
The Kontorhaus complex is made up of six individually designed parts. The two parts of the Kontorhaus complex which were fully renovated in 1995 and partly newly constructed in 1996 are fully-let.
They comprise a total rental area of 7,745sqm, 6,436sqm of which is office rental space, along with a restaurant, as well as retail space, storage rooms and 62 parking spaces.
Axel Schulz, global head of investment management at Real IS, said the flexible usage possibilities of the office space and the excellent central location make the Kontorhaus an attractive and secure investment.
The property represents the third acquisition for the Real IS fund which was launched last autumn with plans for an initial portfolio comprising five properties worth around €300m. The first two investments were made in the Netherlands.
The European fund targets core and core-plus properties, supplemented by manage-to-core properties.