CBRE Global Investors (CBRE GI)and Italian investor Fabrica SGR have acquired a Berlin office for €35 mln for the Cicerone Fund, a property vehicle operated on behalf of Cassa Forense, the Italian private pension fund for lawyers.
The Leed Gold asset, which represents 5,500 m2 of prime grade A office space, is let to publishing group BV Deutsche Zeitungsholding on all six floors and was completed in October 2016. Feratti Offices, situated at Alte Jakobstrasse 105, is destined for Cicerone's fully-owned Dutch subsidiary.
'We have bought a prime asset, ideally located and let to a strong covenant which makes this a very solid acquisition. We believe that it will meet the performance objectives of the fund,' commented Marius Schöner, head of Germany, CBRE Global Investors.
The Cicerone fund's asset portfolio currently comprises 33 properties, with a main focus on office, retail and residential for around €680 mln of total AUM. It is expected to reach €1 bn of investments, both by contribution and equity subscription.
'With €760 mln of total investments during Q1 2016, offices in Berlin are the second European marketplace, following London, in terms of appeal. This deal marks an additional step in our activity’s internationalization process, after the acquisition of Waterstones' flagship store in London, and it is coherent both with an approach focused on core investments ant the fund’s risk-revenue profile,' concluded Giovanni Maria Benucci, Fabrica SGR CEO.
