A value-add fund advised by Meyer Bergman has purchased the Topas Arkade building in Berlin’s Friedrichstrasse for an undisclosed sum.
Meyer Bergman European Retail Partners III (MBERP III) acquired the fully occupied 5,500 m2 building from a closed-end fund managed by Hannover Leasing.
'Great public transport links and the nearby tourist attractions have made Friedrichstrasse one of Berlin’s top shopping streets and a highly desirable office location,' commented Henning Zimmermann, vice president at Meyer Bergman. 'This historic building offers scope for adding value and is the sixth investment seeding our latest fund, which has secured €400 mln of commitments to date,' he added.
The property is on the corner of Friedrichstrasse and Mittelstrasse, a block away from Unter den Linden. The building dates from 1900 and incorporates part of the historic façade of the former Polish Pharmacy – Polnische Apotheke. It combines ground-floor retail units with offices on the upper four floors.
MBERP III's other investments to date include a portfolio of prime high street assets in central Oslo, a diverse portfolio of retail properties across France, the Tesco Superstore site in London’s Kensington neighbourhood with redevelopment potential, and properties on the prominent corner of Dawson Street and Nassau Street in central Dublin adjacent to Trinity College and the city's main retail pitch.
Advising Meyer Bergman European Retail Properties III on the transaction were JLL, Concorde Capital Partners, Taylor Wessing and PwC.
Concorde Capital Partners arranged a senior facility with Natixis Pfandbriefbank to finance the acquisition. The seller was advised by Kraske Melcher.
