Manhattan-based RFR Holding has invested €80m to buy a newly refurbished 11,678sqm office building in Berlin from Avignon Capital.
Avignon Capital, which acquired the Ampere building asset in 2016 on behalf of a private client, said it has sold the fully-let asset following a “successful asset management strategy to lease out vacant space and create a highly desirable work environment”.
Avignon Capital will be retained as asset manager at Ampere.
Built in 1926, the Ampere building in Prenzlauer Berg, was a former electricity transformer station which was converted into offices in 2010.
Alexander Koblischek, authorised signatory of RFR Holding GmbH, said: “This extraordinary property fits wonderfully into the RFR portfolio and represents the trendy location of Berlin: a historically striking building with modern loft areas and an unusual tenant fit-out.”
Patrick Flaton, CEO at Avignon Capital said: “The sale of Ampere concludes the 3-year business plan to create a vibrant modern campus in which we were able to deliver returns that exceeded our original business plan.
“Avignon identified an opportunity in 2016 to acquire a building with excellent upside potential and we are delighted that our asset management vision has proved successful and delivered a building fit for the modern-day occupier whilst retaining the historic character.”
Flaton said the proceeds from this sale will be reinvested and the company is actively looking for more opportunities in the Berlin market.