A group of unnamed Italian and other private investors has teamed up with a number of German firms to acquire a mixed-use portfolio of eight buildings in the central business district of Berlin. It is understood that the investment volume for the 60,000 m[sup]2[/sup] portfolio was in the region of EUR 80mln, reflecting a net initial yield of about 6.5%.
A group of unnamed Italian and other private investors has teamed up with a number of German firms to acquire a mixed-use portfolio of eight buildings in the central business district of Berlin. It is understood that the investment volume for the 60,000 m2 portfolio was in the region of EUR 80mln, reflecting a net initial yield of about 6.5%.
Property adviser DTZ originated the deal and represented both the buyers and the sellers. The buildings and parties involved in the transaction were not identified.
Commenting on the deal, Alessio Lidozzi, director of international investments at DTZ, said the negotiation process had been tough, particularly in light of the difficult market conditions, but the end result was very promising. 'It's an excellent opportunity to benefit from a granted and stable rental income holding over 7 years, with the possibility on vacancy to start redevelopments into residential or high street retail at the right time in the market.'
