CBRE Global Investors has acquired, on behalf of a pan-European fund, Bricks Berlin in the Schöneberg district. The vendor is the investment and project development company Trockland.
Financial details were not disclosed.
The modern mixed-use scheme consists of offices, residential and retail across eight buildings, of which six were renovated in recent years and converted into modern commercial space.
The other two recently developed buildings offer 127 rental apartments over 26,000 m2, of which 18,000 m2 are commercial space with an office share of more than 70% and 8,000 m2 are homes for rent.
Commercial tenants include Post, an organic supermarket, the International School of Management and a software company. There are also 80 underground parking spaces to complete the offer.
Sebastian Ehrhardt, head of transactions Germany, CBRE Global Investors, said: 'We have acquired a small urban quarter in the popular Akazienkiez in Berlin.
'The high-quality, revitalised historic post office Schöneberg and Postfuhramt West date from the beginning of the 20th century and today offer office space with an extraordinary flair.
'The Berlin office market is still characterised by high demand, and at the same time the attractiveness of Schöneberg as an office location will increase significantly in the coming years. Two other large urban development projects are very close. We see long-term potential for increasing the value of the quarter.'
Bricks is located on a property of around 12,000 m2 of land between Hauptstrasse 27-29 and Belziger Strasse 33 directly on the so-called Akazienkiez of Berlin Schöneberg.
CBRE Global Investors was advised on the transaction by CBRE, Ernst & Young and Linklaters. Trockland’s advisors were BNP, Freshfields and Brummer and Partner.
