UBM Development has announced the sale of its 50% share in the Central Tower Berlin high-rise project on Berlin‘s Alexanderplatz to CEE investor HB Reavis in a deal believed to be in the mid-high double digit million range.
The new owner is taking over a 2,126 m2 site at a top location in Berlin. The transaction follows a change in strategy by UBM which has recently decided to step away from hotels.
Previous plans for the site included the construction of a hotel tower together with joint partner Cesa.
‘Our new strategic orientation and focus on timber construction only became clear after the site was purchased and, consequently, we have decided to let someone else realise this major project,’ explained Thomas G. Winkler, CEO of UBM Development.
Earlier this week, UBM reported the acquisition of a new project in the Düsseldorfer Medienhafen. The firm will build a timber-hybrid office building with eight floors and at least 10,000 m2 of gross floor space.
