CA Immo finds buyer for Mercedes-Benz HQ in Berlin

Vienna-listed investor-developer CA Immo has sold the Berlin headquarters building of Mercedes-Benz Vertrieb Deutschland to Union Investment Real Estate.

Union Investment paid around €88 mln for the 28,000 m2 building, which was completed in June and has been let to Mercedes-Benz for 10 years.

The property will be added to Union Investment’s open-ended property fund UniImmo: Deutschland.

The official handover of the property to Mercedes-Benz took place in June, when around 1,200 employees moved in to the complex located in Berlin's Friedrichshain district. It consists of a seven-storey low-rise building and a 14-storey high-rise building covering a gross floor area of around 28,000 m2.

Bruno Ettenauer, CEO of CA Immo, said: ‘For us, developing the MBVD headquarters in Berlin to the point of sale is a prime example of a profitable real estate project efficiently realised. Having guided this project to a successful conclusion, creating more high quality office properties to consolidate our asset portfolio in Germany is now priority number one.’

Philip La Pierre, head of investment management (Europe) at Union Investment Real Estate, remarked: ‘The full letting of this new structure to a creditworthy user for the long term, together with its promising location in the Mediaspree area, will secure strong revenue and serve to confirm the high occupancy rate of our German fund.’