Caleus Capital Partners, the investment management platform of the Caleus Group, has acquired an office complex of four buildings in Berlin Mitte for around €95 mln from Tristan Capital Partners.
The asset was acquired in 2015 for €39 mln by CCP IV, a core-plus fund advised by Tristan. Caleus acted as Tristan's original co-investor and local asset management partner.
'This marks another successful sale in Berlin following the disposals of Jannowitz Centre, Rathaus Mitte, Schönhauser Allee, and Schicklerhaus over the last few years, for almost half a billion euros,' said Jean-Philippe Blangy, head of asset management, at Tristan.
'All these investments have employed the same discipline; capitalising on robust rental growth driven by economic growth and the migration of businesses to Berlin, which have boosted take-up for quality, well-located office space in this supply constrained market. These fundamentals make Berlin highly attractive for institutional investors, offering the potential for further rental growth in the medium term.'
The office complex is located in the Schützenstrasse district of the capital, less than 200 metres from Checkpoint Charlie on Friedrichstraße. Dating back to 1998, each building’s façade was designed by architect Aldo Rossi. Today, the complex comprises some 18,000 m2 of office and retail space.
'Germany remains a strategically important market for us and Berlin’s importance continues to grow internationally, with large global institutions waking up to the city’s unique supply and demand imbalance,' said Ali Otmar, senior partner and deputy head of investments at Tristan.
'As we expect this strong momentum to continue in markets outside of the gateway cities, we are concentrating on good office properties with upside potential in large mid-sized cities such as Berlin, Munich, Frankfurt and Hamburg,' Otmar concluded.
Clifford Chance & PwC advised CCP IV on the transaction. Caleus was advised by Pöllath & Partner and Manske Rechtsanwälte Steuerberater.
