Allianz Real Estate Germany has begun to invest again after a four-year absence from the market with the purchase of the commercial scheme in Berlin-Zehlendorf for approximately EUR 18 mln.
Allianz Real Estate Germany has begun to invest again after a four-year absence from the market with the purchase of the commercial scheme in Berlin-Zehlendorf for approximately EUR 18 mln.
International real estate advisor Savills advised Allianz on the transaction which was carried out for the Allianz pension fund.
The 6,000 m2 newly developed property is located at Breisgauer Straße 1 - 3. Tenants include trading and travel company REWE as well as Commerzbank, who will move in during December 2009. Other retailers, including several medical practices, will open their premises in January 2010.
Stefan Brendgen, CEO of Allianz Real Estate Germany, says: 'The size of the property in Berlin-Zehlendorf meets the requirements of our fund very well.'
Oliver Schinkewitz, managing director of Savills, added: 'The purchase of the property is a very good investment opportunity. The property is located in an area with a high purchasing power. All tenants of the property have a very good creditworthiness and have signed long-term lease contracts. The property has an attractive purchase price with a gross yield of 7.3%'.
