Private equity investment firm Ardian has acquired an office project in a prime location in west Berlin from developer LBBW Immobilien Development.
Financial details were not disclosed.
Located near to Potsdamer Platz and the city park at Gleisdreieck, the property is named 3 Höfe Work. When construction is completed in 2021, it will comprise 18,000 m2 of rental space across four, seven-storey buildings.
Unveiling the deal, Bernd Haggenmüller, managing director of Ardian Real Estate, said: ‘The construction project 3 Höfe Work is an ideal addition to our existing property portfolio in Berlin. We anticipate continued high demand for office space in central Berlin and, combined with low vacancies, we expect further dynamic rental and value growth potential for modern and attractive properties.
‘Berlin is known for its thriving and diverse corporate landscape and is therefore a core market for Ardian Real Estate, which acquires and develops attractive core-plus and value-add properties in key European cities.’
The acquisition marks Ardian’s third real estate purchase in Berlin. Other investments in the city include office building Spichernstrasse and office complex Lützowstrasse. The firm also owns the Konrad and Heinemann Bogen office developments in Munich.
Ardian was advised by Herbert Smith Freehills, P+P Pöllath + Partners and BNP Paribas. Debt financing was provided by pbb Deutsche Pfandbriefbank.
