International real estate firm Hines has acquired the Allianz Campus Berlin on behalf of a Korean real estate fund managed by Vestas Investment Management from Corpus Sireo Real Estate.
The investment volume was not disclosed but it was speculated in the media at the start of the year that the asset would be acquired by the Korean fund for about 400 bn won (€310 mln).
The office project, set to be delivered at the end of 2018, was acquired in a share-bsased forward funding transaction. Corpus Sireo and FOM Real Estate will retain responsibility for completing the construction of the building.
'Allianz Campus Berlin will be the most modern and sustainable building in the best location of Berlin Adlershof,' commented Kai-Magnus Schulte, director, Hines Germany. 'For our investor, the acquisition of Allianz Campus Berlin represents a strategic decision and we are pleased to welcome Allianz as a new tenant in 2019.'
The asset comprises three buildings providing around 60,000 m2 of office space, plus 689 parking spaces. Located at the entrance of the Adlershof Technology Park, handover to the tenants is expected to take place in the first quarter of 2019. Allianz Deutschland will be the main tenant, on a lease expiring 2034, relocating from its current premises in the Treptowers. The project is targeting a DGNB Platinum certification from the German Sustainable Building Council.
'The Allianz Campus Berlin represents a long-term investment in a core market where we continue to see demand. We will continue to seek further opportunities for investment in Germany as we continue to enhance our portfolio,' concluded Lars Huber, CEO of Hines Europe.
Colliers Berlin and law firm Latham & Watkins acted for Corpus Sireo in the transaction, while Hines was supported by law firm Clifford Chance. The debt financing was provided by Berlin Hyp.
