Cornerstone Real Estate has sold an office building in Berlin on behalf of the Stuttgarter Insurance Group’s SIS Fund.
Cornerstone Real Estate has sold an office building in Berlin on behalf of the Stuttgarter Insurance Group’s SIS Fund.
The asset at Wallstrasse, in the German capital’s Mitte district, was acquired by an institutional investor for an undisclosed sum. The 10,500 m2 property was the first to be acquired by Cornerstone Germany for the SIS Fund, back in 2013.
The parties agreed not to disclose the sale price. The building was virtually fully let at the date of sale, Cornerstone said.
Gunther Deutsch, managing director of Cornerstone Germany and head of investment transactions Europe, said: 'The strong investor demand for core investments in Berlin, together with the exceptionally good letting status of the property - the weighted average unexpired lease length was over five years - was the motivation for considering and ultimately implementing the sale. We are pleased to have completed the first successful sales transaction under this instruction.'
Grossmann & Berger and Paribas Real Estate acted for the vendor, while legal advice was provided by law firm Graf von Westphalen. Savills Investment Management advised the buyer and Hasche Sigle acted as legal adviser.
