A joint venture partnership between Angelo Gordon, the US global investment manager, and Kintyre, the Frankfurt-based independent real estate investor and asset manager, has acquired Park Center Treptow in Berlin.
The 28,000 m2 landmark property currently has a primary focus on retail, with a 9,400 m2 Real – a convenience store anchoring the property, along with Rossman and other well-known national retailers.
Angelo Gordon and Kintyre plan an extensive capital investment and repositioning of the property, with plans to deliver a mixed-use, inner-city landmark next to the new Berlin city motorway, connecting Airport Berlin Brandenburg to the Media Spree district.
This is the second redevelopment project that Angelo Gordon and Kintyre have acquired in Berlin together in the past 18 months.
Adam Pearce of Kintyre said: ‘This is a very exciting opportunity to transform this very well-known property into a modern mixed-use precinct. This acquisition forms part of Kintyre’s wider strategy of building a portfolio of well-located urban regeneration and “Stadtquartier” development projects.’
Marcel Hertig of Angelo Gordon said: ‘We really like the immediate neighbourhood of Park Center with all of its hip bars, clubs and event spaces between Elsenbrücke and Oberbaumbrücke. Located next to S-Bahn ‘Treptower Park.’
Angelo Gordon and Kintyre were advised by law firm Greenberg Traurig. Kintyre will become responsible for the management of Park Center Treptow with immediate effect.
