Global asset manager AXA Investment Managers - Real Assets (AXA IMRA) has acquired, on behalf of clients, an office scheme in Berlin from Caleus TechnoCampus Berlin.
Financial details were not disclosed.
As part of the transaction, Caleus will retain a minority stake in the property, dubbed TechnoCampus, and work with AXA IMRA to deliver a refurbishment programme and develop further offices.
'Located in a sought after and established submarket of Berlin, which is seeing growing interest from a range of blue-chip occupiers, this landmark asset aims to provide our investor clients with a clear and rare opportunity to significantly enhance returns through a programme of refurbishment, re-leasing and re-positioning,' said John O’Driscoll, European head of transactions at AXA IMRA.
Situated in Siemensstadt, in the Spandau District, the 48,000 m2 asset comprises four buildings of between five and ten floors, providing 39,000 m2 of office space, of which approximately 25,000 m2 has been extensively refurbished since 2013, alongside storage space and parking for 380 cars. The complex is let to a diverse mix of tenants.
Based on the building permit obtained by the vendor, AXA IMRA and Caleus will develop two further buildings with 20,000 m2 of Grade A office space, with a targeted completion of end-2021. AXA said the development would further contribute to the Campus character of the site.
'By delivering one of the first institutional quality office buildings outside of the Berlin CBD, we will be able to materially improve the rental tone, in line with our value add strategy,' O'Driscoll concluded.
