Swiss group Peach Property said that it has acquired an 80% interest in the Am Zirkus 1 hotel project from ING Real Estate Development. Germany's Deutsche Immobilien is retaining its 20% stake in the development project. The financial details were not disclosed.
Swiss group Peach Property said that it has acquired an 80% interest in the Am Zirkus 1 hotel project from ING Real Estate Development. Germany's Deutsche Immobilien is retaining its 20% stake in the development project. The financial details were not disclosed.
Following the deal, Peach Property will manage the entire Am Zirkus project comprising a four-star hotel consisting of 311 rooms and a conference centre, as well as 87 residential units across 13,000 m2 and a further 5,100 m2 of retail and office accomodation. The development, located near the famous Friedrichstrasse in Berlin, will also include a parking garage with space for 60 cars.
The residential element of the project was acquired by the Zurich-based developer in November 2009 from Vivacon. The development cost was estimated at nearly EUR 80 mln.
The hotel will be operated by the Fattal Group as a Leonardo Boutique Hotel. Construction work will start this week with delivery planned for 2013.
