German investment manager DIC Asset has acquired a long-let office property in Berlin for an undisclosed sum.
The property, dubbed Am Borsigturm 130, was sold by developer Becken and lender Haspa PeB. The office has recently been let to the Institute for Federal Real Estate (BImA) on a long lease with some 17 years remaining.
In its role as the central real estate company of the German Government, BImA has assigned the property’s 18,500 m2 of administrative and archive area plus 60 parking spots to the German Federal Archives. Here, staff and civic records relating to World Wars I and II are being housed.
DIC Asset has acquired the property for a new institutional infrastructure fund.
Roland Köppe, head of acquisition & project development, Becken Development, said: 'Fully occupied on a long-term lease, the property benefits from easy access to the transportation infrastructure in the city’s vibrant district of Tegel, which enhances its appeal as an investment asset.
'We are delighted that these attributes convinced DIC Asset AG to buy another asset from Becken.'
Harald Hempen, managing director of Haspa PeB, added: 'Having successfully let the property, the sale has now vindicated our assessment of the joint project, which was positive from the start.'
The transaction was facilitated by CBRE, with Wiegel Ihde Ekrutt + Partner acting as legal and tax adviser on the seller side.
The mandate for the letting transaction was handled by Walch Rittberg Nagel Rechtsanwälte und Steuerberater Partnerschaft.
The buyer side was advised by CMS Hasche Sigle Partnerschaft von Rechtsanwälten und Steuerberatern.
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