CBRE Global Investors has acquired the Südkreuz Quartier in Berlin from a joint venture between a pension scheme and Hines. Financial details were not disclosed.
The residential quarter was completed last year and comprises 36,975 m2 of GLA across 11 buildings. The quarter in the Schöneberg district offers a range of different housing types. Of the 664 residential units, 213 are micro-apartments, 116 are subsidised and the remainder is in the free rental segment. The quarter also includes a children’s nursery, several playgrounds, climbing walls, a gym, a roof garden, workshop spaces, co-working areas, a fully equipped music room, a café, a multifunctional pavilion, and 166 parking spaces. In addition, there is an extensive sharing offer in the area which includes e-mobility (e-cars and e-bikes) as well as parking spaces for over 1,000 bicycles including a repair shop for bikes.
The Südkreuz Quartier is part of a larger regeneration area which encompasses several new housing projects as well as offices. It includes the EUREF Campus, a 5.5-hectare district where more than 150 enterprises, institutions and start-ups work, research, study and collaborate in the areas of energy, mobility and sustainability.
In parallel with this transaction, Hines said that it has received an option for a centrally located property in Düsseldorf from CBRE Global Investors with the aim of realising a new residential project at the site.
Sebastian Ehrhardt, head of transactions Germany, CBRE Global Investors, said: 'The Südkreuz Quartier is an appealing investment to the fund’s portfolio, providing secure income as well as aligning with its ESG goals. Ample amenities put the community at the heart of the new development, which adds affordable housing to the tight Berlin market.'
Christoph Reschke, senior managing director at Hines Immobilien, added: 'With the Südkreuz Quartier, we have set new standards in residential developments. The experience gained with Südkreuz will help us raise the bar in developing further residential projects in the coming years. With CBRE Global Investor we have found an investor that is experienced and willing to continue to manage the property to the highest of standards.'
