German fund manager Deka Immobilien has confirmed the acquisition of the Südkreuz Offices office development in Berlin in a deal believed to be worth as much as €270 mln.
The Südkreuz Offices development project is located in Berlin-Schöneberg and forms part of the Schöneberger Linse, a mixed-use development area between Südkreuz InterCity Express railway station and Schöneberg suburban railway station. The property comprises approximately 25,000 m2 of leasable space across two building sections and 221 parking spaces in an underground garage.
The asset was acquired from developer Ludger Inholte Projektentwicklung (LIP), which performed the topping out ceremony for Südkreuz Office 1 & 2 in November of last year, alongside project manager KVL Bauconsult.
The German space agency DLR pre-leased 7,100 m2 of offices in the scheme in the second quarter of 2020, to house the latest Berlin location of the Deutsches Zentrum für Luft- und Raumfahrt. Currently around 40% of the space is pre-let on long-term leases to the German Aerospace Centre and German supermarket corporation Edeka. A rent guarantee exists for the remaining areas.
Designed by architectural studio Hadi Teherani Architects and pbp - prasch buken partner, the project is expected to reach completion in the second quarter of this year. It is anticipating Leed Gold certification.
The new build will be added to the portfolio of the WestInvest ImmoValue open-ended real estate fund.
