Property investment firm Castleforge Partners has announced the acquisition of its first office building in Germany, in the historic old town of Bremen.
Financial details were not disclosed.
Located in the prime central business district, the 5,000 m2 Martinistrasse building was acquired off market and is currently at 63% occupancy, presenting a repositioning opportunity for Castleforge.
The building will be fully refurbished to enable the firm to introduce its flexible workspace provider, Clockwise into the space, offering an alternative to traditional fixed-term offices.
The firm said it had identified a clear investment opportunity in so-called ‘secondary cities’ across the country and would look to expand its reach across the German commercial market with further purchases to be announced over the next 18 months.
Brandon Hollihan, founding partner of Castleforge Partners said: 'We are thrilled to announce our first acquisition in Germany as we look to invest significantly in more secondary cities across the country over the next 18 months.
'Bremen has a thriving economy, with a generation of young professionals and start-ups who are increasingly seeking flexible-office models as opposed to the usual traditional offering.
'Following the success of our flexible workspace provider Clockwise in locations across the UK, we are now looking forward to refurbishing the building and saying ‘Willkommen’ to our first Clockwise members in Bremen.'
Since its inception in 2010, Castleforge has invested approximately £1 billion in value-add office and residential real estate across the UK and Europe.
Castleforge Partners was advised on the acquisition by IC Immobilien Gruppe.
The off-market transaction was arranged by Eastdill Secured. Dentons Europe served as legal advisor for Castleforge Partners while Drees & Sommer were mandated as technical advisors.
