Barings Real Estate Advisers, part of global real estate investment manager Barings, has acquired a fully-let Grade A office building in Berlin Mitte from Westbrook Partners for an undisclosed sum.
The 18,900 m2 office building at the corner of Chausseestrasse 23 and Zinnowitzer Strasse is fully let on a long term lease to Vattenfall GmbH, a Swedish state-owned energy company.
'We are pleased to have secured this asset in the heart of Berlin for one of our European Core investment strategies,' commented Gunther Deutsch, head of transactions Europe at Barings Real Estate Advisers Europe. 'This transaction is the eighth acquisition for this particular strategy and we are continuing to seek additional opportunities across Germany, Sweden, Finland, Italy, France, Spain and the UK.'
Christoph Wittkop, Head of Germany at Barings Real Estate Advisers Europe, added: 'Berlin is a high conviction market for us. Despite the robust market environment you need to assess the micro location and characteristics of the asset to properly evaluate the risk and return.'
BNP Paribas Real Estate, Grossmann & Berger and Hogan Lovells advised the seller. The buyer was advised by DLA Piper.
