Commerz Real has purchased in full the Mynd office high-rise and the Galeria Weltstadthaus store at Berlin Alexanderplatz from European developer and investor Signa Real Estate.
The assets, which were acquired from Signa Prime, the largest company in Signa's real estate division, are destined for Commerz Real's open-ended real estate fund Hausinvest.
Prior to this, Commerz Real held a 20% stake in the mixed-use project which comprises the two assets. Signa will continue to oversee the realisation of the scheme as the project development partner.
Upon completion in 2025 the overall ensemble is to have a total leasable area of more than 100,000 m2.
Signa deal
At the same time Signa Prime has acquired 20% stakes in eight department store properties from Hausinvest which the fund had held since 2019.
These are three of the premium brand Galeria Weltstadthaus stores, at Hauptwache in Frankfurt am Main, Königsallee 1-9 in Düsseldorf and Hohe Strasse in Cologne, as well as the buildings Am Wehrhan 1 in Düsseldorf, Rotkreuzplatz / Pötschnerstrasse 5 in Munich, Remigiusstrasse 20 in Bonn, Ernst-August-Platz 5 in Hanover, and Kurpfalzstrasse P1 in Mannheim.
The partnership in the joint project Elbtower in Hamburg is not affected by this transaction. Hausinvest acquired a 25% stake in the mixed-use tower, which is currently under construction, in 2022.
Upon completion at the end of 2025 the landmark property with a height of 244 metres will be the tallest building in Hamburg. The transaction in Berlin is still subject to approval by Germany's competition authorities.
Mario Schüttauf, Hausinvest fund manager, said: 'Thanks to its absolutely central location and superb connections from a logistical stance, as well as its modern office areas and diverse possibilities for usage, ‘Mynd’ will be the new highlight in central Berlin.
'For this reason we have decided to acquire the entire construction project for our investors, and together with Signa as the project development partner realise Berlin’s most sustainable high-rise property.'
Timo Herzberg, CEO Signa Real Estate added: 'With the Elbtower in Hamburg’s HafenCity and now Mynd at Berlin Alexanderplatz we are realising what are probably two of Germany’s most outstanding high-rise developments together with Commerz Real.'
Panoramic tower
The 134-metre-high Mynd tower will encompass about 32,000 m2 of office space that may be used in a flexible manner, offering a panoramic view of Berlin.
In addition there will be more than 7,000 m2 of communal space, which are being designed as a 'vertical village', with another 1,000 m2 pledged to the State of Berlin for public services.
The department store will continue to trade under the new name Galeria Weltstadthaus in the future.
The first basement level and the ground floor will host a 2,500 m2 upscale food market and small retail outlets, with a 'food culture market' destined for the upper floors over 7,000 m2 of space.
The roof terrace with a view of Berlin’s television tower will be open to the public.
'In addition to the unique location, we were particularly enthusiastic about the pioneering sustainability concept as early as the construction stage,' added Schüttauf.
About 30% less concrete than usual will be required compared to conventional construction projects, lowering overall carbon dioxide emissions. Geothermal energy and district heating will aid the building's climate control, while there will also be 3,000 m2 of photovoltaic panels and rainwater collection.
The building is targeting LEED Platinum, WELL Gold, and Wiredscore.
