Ivanhoé Cambridge has acquired Alte Post Quartier, a mixed-use inner-city project in Berlin's Neukölln district for an undisclosed amount.
The asset provides a total of 16,000 m2 of recently-renovated offices, new residential apartments currently under construction and services such as a restaurant, a gym and storage facilities. Commodus, co-investor in the transaction, will act as asset and development manager, overseeing the project.
In particular, the complex consists of an elegant heritage building of nearly 9,000 m2 that originally hosted post offices, which was entirely renovated in 2019 and is currently fully let, an office complex of nearly 4,000 m2 currently being renovated and already partly leased, a residential building of more than 4,000 m2 scheduled for completion in 2022.
'With the acquisition of Alte Post Quartier in Berlin, we continue to reinforce our presence in Germany, one of the key markets for our growth in Europe. Developing and owning landmark mixed-use properties in prosperous and global cities within vibrant neighborhoods is a major component of Ivanhoé Cambridge’s strategy going forward,' said Karim Habra, head of Europe & Asia-Pacific at Ivanhoé Cambridge.
'The acquisition of this top-quality project underpins our commitment to Berlin and we particularly seek to invest in areas such as Neukölln that is experiencing genuine urban renewal,' added Christian Daumann, head of Investments Germany at Ivanhoé Cambridge.
Ivanhoé Cambridge was advised by Clifford Chance on legal matters, CBRE on valuation, KPMG on tax and accounting matters, and KVL on technical aspects.
