UK-based real estate fund manager Benson Elliot has acquired two prominent office buildings in central Berlin for renovation in a joint venture with Klingsöhr Projektentwicklung and Rockstone Real Estate.
UK-based real estate fund manager Benson Elliot has acquired two prominent office buildings in central Berlin for renovation in a joint venture with Klingsöhr Projektentwicklung and Rockstone Real Estate.
The properties at Budapester Straße 35 and Kurfürstenstraße 87, in the City West district, were acquired in a sale and leaseback deal worth an estimated €100 mln once the refurbishment is complete.
Berliner Volksbank eG was the vendor and remains the sole occupier of both buildings, which it plans to consolidate them into a single headquarters.
Budapester Straße 35 is a nine-storey office building overlooking Berlin’s Tiergarten comprising 9548 m2 of lettable space. Kurfürstenstraße 87 is an eight-storey building dating from 1929 and designed by German architect Heinrich Straumer, with an area of 6192 m2.
Marc Mogull, managing partner of Benson Elliot, said: ‘Having worked closely with Berliner Volksbank to structure an acquisition that meets their financial and occupational needs, we look forward to maintaining that relationship as the bank navigates its eventual relocation.’
