Arab Investments buys mixed-use scheme in Berlin for EUR 57m

London-based Arab Investment has purchased the Quartier am Auswärtigen Amt mixed-use property in Berlin-Mitte from developer Strabag Real Estate for around EUR 57 mln.

The transaction comes shortly after Arab Investments' acquisition last week of its Sankt Annen Galerie shopping and leisure centre in Brandenburg an der Havel. The properties are earmarked for Arab Investments' second German fund.

The newly-constructed complex comprises 17,500 m² of commercial space including three office buildings, a four-star hotel and a residential building as well as some underground parking facilities.

Austrian Hypo Investmentbank provided the financing for the transaction and agreed to finance future projects for Arab Investments. Flatow AdvisoryPartners acted as financial advisor. Savills Immobilien Beratungs advised the buyer, while Berlin-based Gorg offered legal advice.

Arab Investments specialises in the structuring of Sharia-compliant funds for Middle Eastern investors. The company has been active in the German market since 2006 while in the UK the company is currently developing London's highest building, the Pinnacle Tower which will provide 93,000 m² of space on completion.