AXA IM - Real Assets to refurbish historic Berlin asset

AXA Investment Managers - Real Assets has begun the refurbishment on the retail element of the Neues Kranzler Eck property in Berlin, which incorporates the iconic Café Kranzler.

The asset was acquired on behalf of clients in 2013.

The mixed-use and centrally located 72,000 m2 property comprises 22,000 m2 of retail space and AXA IM - Real Assets will execute a significant restructuring of the historic part of the building’s retail offering.

At the same time, the property will be upgraded to meet the highest modern standards, while incorporating the most innovative sustainability measures.

This is in line with AXA IM - Real Assets’ aim to achieve certification for 75% of assets under management by 2030. The refurbishment is due to commence in March 2016 and is expected to be completed by the end of 2016.

British clothing and lifestyle brand Superdry is to lease a section the retail element, therefore opening its first flagship store in Germany, and its largest shop in continental Europe, spanning two floors.

'It’s a privilege to hold an asset of such national importance as Neues Kranzler Eck in our portfolio, and we aim to honour that by respectfully restoring and enhancing it to all its splendour in celebration of its rich cultural Heritage,' said Matthias Leube, regional head of asset management & transactions, Germany, at AXA IM - Real Assets.