Allianz Real Estate has acquired a new office development in Berlin from developer Edge Technologies in a forward deal for a joint venture between several Allianz group entities and Universal-Investment, acting on behalf of German pension fund Bayerische Versorgungskammer (BVK).
The acquisition of Edge East Side Berlin is the first equity deal in which Allianz Real Estate has acquired and will manage an asset on behalf of a joint venture including a third-party institutional investor wishing to invest alongside Allianz.
Financial details were not disclosed.
For Allianz Real Estate, the acquisition reflects its strategy to focus on prime office assets in tier 1 cities and also extends established relationships with both Edge and BVK.
This is the latest development scheme led by Allianz Real Estate to deploy ‘smart’ technology which places tenant well-being and sustainability at its core. It follows the recently announced Corso Italia 23 deal in Milan and the acquisition in July of Edge HafenCity Hamburg.
The 35-storey 140-metre-high office building in Berlin, which will offer the highest environmental rating throughout its 65,000 m2 of lettable space in the Mediaspree sub-market, has been designed by Bjarke Ingels and developed by Edge – specialists in developing sustainable, modern office assets that make extensive use of ‘smart’ building technologies. On its completion in 2023, the building will be one of the most hi-tech in Berlin.
'Edge East Side Berlin further underscores our successful commitment to working with prime partners, investors and stakeholders in prime locations globally. BVK is a highly sophisticated investor with a similar, long-term mindset to Allianz Real Estate and we are delighted to announce that they are investing with us alongside Allianz on this key strategic asset,' said François Trausch, CEO, Allianz Real Estate.
“We’re delighted to announce our latest forward purchase in the core Berlin office market, in a deal that showcases our increasing commitment to developing differentiated, hi-tech assets which focus on sustainability and social well-being,' said Annette Kroeger, CEO of Allianz Real Estate North & Central Europe.
