Allianz Real Estate has added to its Berlin portfolio with the purchase of the Quartier 207 mixed-use scheme at Friedrichstrasse 76–78 from an unnamed Luxembourg investment company. The deal was made on behalf of Allianz's insurance arm.
Allianz Real Estate has added to its Berlin portfolio with the purchase of the Quartier 207 mixed-use scheme at Friedrichstrasse 76–78 from an unnamed Luxembourg investment company. The deal was made on behalf of Allianz's insurance arm.
Both parties have agreed not to disclose the financial details. However, German press reports put the deal price at around EUR 125 mln.
Quartier 207 is largely let to the luxury Parisian department store Galeries Lafayette, which by itself attracts thousands of shoppers every day. The asset is part of the FriedrichstadtPassagen shopping complex. Designed by internationally renowned architect Jean Nouvel, it was completed in 1996 and contains 35,000 m2 of usable floor space. Office tenants include Berlin Energy Agency as well as medical, real estate, marketing and sales companies.
'This development containing Galeries Lafayette makes an ideal addition to our property portfolio,' said Stefan Brendgen, CEO of Allianz Real Estate Germany. 'After buying Friedrichstrasse 200 last year, we've invested in Berlin again – a city which we feel has great potential.'
