Irish-German investment manager Signature Capital has bought a Berlin office building from Credit Suisse Asset Management's CS Euroreal fund.
The complex at Salzufer 22 in the Charlottenburg district, with its 40-metre high tower, is 50% occupied by French insurer AXA Group. The transaction volume was not disclosed but the building was valued at €41.19 mln last September, Germany's Property Magazine reported.
Enda Woods, managing director of the Signature Capital Group, 'said: 'There are a number of well-known tenants in the property and the remaining areas have an excellent value-added potential for a successful new letting.'
The building was 33% vacant at September 2016 and AXA has vacated an area of 2,328 m2, creating more space for new tenants.
The deal continues CSAM's disposal of assets from its CS Euroreal fund. On Monday it announced it had sold the Rathaus-Galerie shopping centre in Leverkusen to Union Investment, quoting a market value of €220 mln.
Karl-Josef Schneiders, managing director of CSAM, said: 'The Berlin real estate market has developed very positively in recent years. With the implementation of the contract, which was already secured by contract at the end of last year, we have continued the execution of the fund further.'
Loschelder Rechtsanwälte acted as legal advisers to Signature Capital, while Credit Suisse was advised by Angermann Berlin and Freshfield Bruckhaus Deringer LPP.
Credit Suisse's real estate investment arm manages a property portfolio valued at around €40.5 bn at end-February 2017.
