La Francaise acquires prime office development in Berlin

La Française Forum Real Estate Partners (LFF Real Estate Partners), on behalf of a collective real estate investment vehicle managed by La Française, has acquired an office development in the Media-Spree district of Berlin.

The asset was acquired from the joint venture of OVG Real Estate GmbH and LBBW Immobiliën.

Located at Mühlenstraße 25, the newly developed property, which is aimed to be certified with a DGNB Gold Standard, is expected to be completed by Q1 2017. The property will offer around 13,000 m2 of lettable floor space (office and storage space, roof terraces), distributed over seven floors, together with 55 underground parking spaces, designed by KSP Jürgen Engel Architekten.

The proposed development is an energy efficient building within easy reach of public transportation, with access to the Ostbahnhof on one side and the Warschauer Straße on the other.

The property will be fully leased, with a long-term lease to Zalando, Europe’s leading online fashion platform.

Jens Goettler, managing director Germany, LFF Real Estate Partners, lauded the area where the development is located asset and said it was an 'excellent' addition to the firm's growing portfolio. 'Media-Spree, with its central location on the edge of downtown Berlin and directly at the river Spree, is an ideal and growing location for companies in the fashion, IT, communications and media industries. With its DGNB Gold certification, it’s a rare product on the market and constitutes a prime investment.'

Frank Berlepp, managing director LBBW Immobilien Group, and Martin Rodeck, managing director at OVG Real Estate GmbH said the transaction marked a new milestone in their joint venture. 'Following the successful leasing of the building to Zalando this summer we are proud that we’ve been able to secure La Française Forum Real Estate Partners, an internationally renowned investor, as the buyer for M_Eins”.

La Française Forum Real Estate Partners was advised by Arcadis and Hogan Lovells. The seller was advised by Pöllath + Partners and BNP Paribas.