German fund manager KanAm has acquired a mixed-use complex in Berlin for its new KanAm Grund Europa fund, bringing the total asset value to around €100 mln.
German fund manager KanAm has acquired a mixed-use complex in Berlin for its new KanAm Grund Europa fund, bringing the total asset value to around €100 mln.
The vendor of the property was Swiss developer Peach Property Group and German property company Deutsche Immobilien. The parties agreed not to disclose the purchase price, but according to market sources polled by Thomas Daily, it is likely to have been about €75 mln.
The ensemble at Zirkus 1 was completed this year and comprises a hotel as well as office and retail space. Key tenants are the Fattal Group, operator of the 309-room Leonardo Hotel and Roland Berger Strategy Consultants with 5,000 m2 of office space.
The property was awarded silver certification by the German Sustainable Building Council DGNB at the Expo Real trade fair in Munich last week.
Taylor Wessing and CBRE advised Peach Property Group on the transaction, the second to date for KanAm Grund Europa which was launched earlier this year. In its maiden deal over the summer, the fund purchased the Cecilien Palais in Düsseldorf.
Dentons advised a special fund of an Asian investor issued by investment company KanAm on the acquisition.
KanAm Grund Europa focuses on office, retail residential and hotel assets in the ‘Big 5’ German cities and is targeting a volume of €250 mln.