Real estate private equity firm HighBrook Investors has acquired two prime office properties in Berlin from a group of private investors for approximately €28 mln in an asset deal.
Dating back to 1998, the assets are located in the Schützenquartier in Berlin-Mitte near the historic Checkpoint Charlie landmark.
The scheme was designed by the Italian architect Aldo Rossi and is well known for its distinctive multicoloured facade.
The two properties in Schützenstrasse 8 and Markgrafenstrasse 56 are part of a 12-building complex and offer around 5,000 m2 of office space, plus some retail space on the ground floor.
The five-story properties are rented to several tenants with mostly short-term leases and are currently c. 90% leased.
The BATO Group will take over the asset management of the properties, and will be responsible for the implementation of a business plan which involves the refurbishment of the current offices into high-end office space.
HighBrook was advised on the transaction by Greenberg Traurig, EY, and Avison Young.
