JP Morgan Asset Management is seeking over €600 mln for a prime, fully let office property which it acquired in Berlin in 2019.
Brokers at Mipim said that the US investor has put the B:Hub building up for sale and has mandated Colliers and BNP Paribas Real Estate to seek a buyer.
The B:Hub building is in Friedrichshain-Kreuzberg on the Rummelsburger Bucht and was completed two years ago by the Streletzki Group.
The 47,000 m2 of space is let on long leases to tenants Bima (the government office for real estate) which occupies 30,000 m2 of the total, Deutsche Bahn and Edeka.
Speaking at Mipim, agents said they expected the prime waterside building to attract interest from foreign capital, including investors from outside Europe, after the success this month of the Marienturm sale in Frankfurt.
South Korean investor NPS bought Marienturm from Aermont for €830 mln, advised by DWS. Other overseas capital looking at the tower or bidding came from Singapore, Switzerland, Spain and France, and Mirae of Korea also looked at the opportunity.
CBRE managing director Peter Schreppel, head of international capital for Germany, said that on the back of this reviving interest, ‘Berlin is going to see a lot of product coming to the market.’
‘B:Hub is hyper secure, newly built with long leases and a government tenant, and just the volume at €600 mln makes it attractive’, said another Germany-based broker.
Last week Henderson Park paid approximately €300m to acquire the Mosse-Zentrum in Berlin from Real IS to carry out a ‘manage to green’ refurbishment.
