A fund advised by Meyer Bergman has sold to UBS Real Estate the Topas Arkade building on Berlin's Friedrichstrasse, one of the longest shopping streets in central Berlin.
The parties agreed not to disclose the purchase price.
Meyer Bergman European Retail Partners III, which recently reached its final close in capital raising, acquired the 5,500 m2 block in the fourth quarter of 2016 following lengthy approval procedures on the vendor side to take ownership.
The building’s ground level and some basement space are retail units while the upper four floors are in office use.
The seven-storey building dates from 1900 and incorporates part of the historic façade of the former Polish Pharmacy – Polnische Apotheke. It is let to over 30 tenants.
Henning Zimmermann, vice president at Meyer Bergman, said: 'UBS Real Estate approached us just as our business plan for the property was gaining momentum. We felt that it was in the best interest of the fund’s investors to accept the offer, which reflects the dynamics of the under-supplied office market in Berlin-Mitte and the location of the property on the prime retail stretch of Friedrichstrasse. As active investors in Germany, we continue to look for fresh value-add opportunities to put our fund’s capital to work.'
UBS bought the asset on behalf of its UBS (D) Core Opportunities Europe fund, launched in 2011.
