AXA IM Alts has completed the acquisition of Sellerstraße 31, an office building in Berlin for an undisclosed amount. Purchased from a major pharmaceutical company in a sale and leaseback transaction, AXA IM Alts said that it intends to undertake a significant repositioning of the building.
The acquisition has been made on behalf of clients.
Constructed in 1992, the property is located at 31 Sellerstrasse in the south-east corner of one of Berlin’s leading research campuses. It provides 15,573 m2 of lettable space over seven floors, with a roof terrace offering panoramic views across Berlin.
Subject to the necessary approvals, AXA IM Alts intends to undertake a significant repositioning programme on expiry of the current lease, to deliver a highly amenitised modern building with strong sustainability credentials which is aligned with the future way of working.
The transaction continues AXA IM Alts strategy of undertaking asset management initiatives in Germany on behalf of its value- add strategies. Following the acquisition of Elisenhof, a mixed-use, multi-tenant property in the city centre of Munich, AXA IM Alts said that it has generated significant rental and capital growth through a considerable refurbishment and expansion of the retail offering and diversifying the tenant mix which completed in 2020.
In June last year, AXA IM Alts launched the construction of The Mark, its flagship new office development in Munich, Germany, which will offer 55,000 m2 of office space spread across two buildings of up to eight storeys and centred around a landscaped forecourt and three courtyards. AXA IM Alts is also currently undertaking a repositioning and development of the Techno Campus, a landmark office complex in Berlin.
‘This is a rare opportunity to acquire an income producing building in one of Europe’s fastest growing submarkets,’ said Ulrike Haack, head of Transactions Germany, AXA IM Alts. ‘The short lease offers the potential to reposition the asset to deliver a modern, fit for purpose office building that will be a beneficiary of both the shortage of Grade-A stock as well the sub markets burgeoning position as research and innovation hub, which has been earmarked for significant private and public sector investment. Our local team has a track record of delivering successful asset management and development projects in recent years and we look forward to starting on this latest scheme.’
