Italian fund manager EstCapital has sold the Muratti Höfe office building in Berlin to Schroder Property for €29 mln, reflecting a yield of 6%.
Italian fund manager EstCapital has sold the Muratti Höfe office building in Berlin to Schroder Property for €29 mln, reflecting a yield of 6%.
The owner of the asset, EstCapital's Real Emerging Fund has secured an Internal Rate of Return over its two-year holding period of around 9%.
The asset provides a total of 11,500 m2 of office space as well as 50 parking spots in the historic centre of Berlin. It previously housed the production facility of cigarette manufacturer Muratti and was restructured in 2010. It is currently leased to Brands4Friends.
Cushman & Wakefield advised EstCapital on the deal.
