Fund manager Rockspring Property Investment Managers has acquired a creative-class office building in Berlin's trendy Friedrichshain district for around €15 mln. The transaction was first reported in the EXPO REAL Daily News.
The vendor was a private Israeli-German family office represented by Engel & Völkers Commercial and CMS.
The acquisition was made on behalf of TransEuropean Property Limited Partnership VI and brings the total amount invested by the fund into Europe’s creative and rapidly expanding tech hubs to just under €100 mln.
Located on Warschauer Strasse, the fully occupied 4,600 m2 building offers ‘brick and beam’-style accommodation behind a protected façade. It was originally constructed in the early 1900s as a 5-storey factory.
Rockspring said the asset offers the potential for rental growth and a doubling of the existing area to 8,000 m2. The redevelopment project will be run by Rockspring’s Berlin office, which also originated the transaction. The firm now has around €2 bn assets under management across Germany and Switzerland.
