Generali Real Estate has acquired part of the Gloria retail and office building complex in Berlin from developer Centrum Group.
Financial details for the transaction, which was made on behalf of the pan-European Generali Core High Street Retail Fund managed by Generali, were not disclosed.
Located in the heart of CBD City-West on Kurfürstendamm 13-15, the property is composed of two buildings – one historical and the other modern – covering around 11,000 m2 of prime high street retail units and modern office space.
Originally built in 1894 by architect Franz Schwechten, the building recently underwent a major refurbishment designed by Kahlfeldt Architekten, which restored its elegance and prominence. The new building was designed by award-winning architects Ortner & Ortner Baukunst and was completed earlier this year.
The property achieved the German Sustainable Building Council (DGNB)'s Platinum certification, according to Generali the first and only listed building in the world to do so.
The current tenant mix includes, among others, M&M’s flagship store in Berlin, Hunkemöller, Satellite Office and Tristar GmbH.
Generali Real Estate currently has around €4.5 bn of – mainly office - assets in Germany, on a total portfolio of €32 bn. The properties are located across the big seven German cities Berlin, Hamburg, Munich, Frankfurt, Cologne, Dusseldorf and Stuttgart.
