Allianz Real Estate and Quest Investment Partners have acquired the Focus Teleport office complex in Berlin, Germany, via a joint venture.
Each party invested equally in the JV but financial details were not disclosed.
The property comprises nearly 30,000 m2, spread over nine partially interconnected buildings. It is fully leased to a mix of occupiers including technology and media firms and public-sector organisations. The property is due to undergo refurbishment in line with Allianz’s core strategy.
Annette Kroeger, CEO of Allianz Real Estate for north and central Europe, said: ‘We are delighted to be expanding our exposure to the attractive and dynamic Berlin office sector through this manage to core opportunity.
‘We believe the market represents excellent, long-term value on a selected basis, with Focus Teleport an example of an in-demand asset with strong growth prospects.’
Jan Rouven Künzel, managing partner of Quest Investment Partners, said: ‘Focus Teleport represents a truly exciting opportunity to add significant value through strategic redevelopment, with substantial upside potential. We are delighted to be working with Allianz Real Estate again and look forward to further expanding our joint partnership-oriented investment strategy.’
Berlin was ranked fourth in Allianz Real Estate’s inaugural Cities That Work office sector investment report in 2018 in terms of core strategies and ninth for value-add investments.
