German real estate mogul Dieter Becken has bought back the Berliner Bogen office complex four years after selling the asset to Morgan Stanley Real Estate Funds (MSREF), well-informed market souces have confirmed to PropertyEU. The businessman, which sold the property to Morgan Stanley's real estate fund management arm in January 2007, is close to clinching the acquisition of the asset in central Hamburg for just over EUR 100 mln.
German real estate mogul Dieter Becken has bought back the Berliner Bogen office complex four years after selling the asset to Morgan Stanley Real Estate Funds (MSREF), well-informed market souces have confirmed to PropertyEU. The businessman, which sold the property to Morgan Stanley's real estate fund management arm in January 2007, is close to clinching the acquisition of the asset in central Hamburg for just over EUR 100 mln.
It is understood that Morgan Stanley is making a few million euros of profit on the deal, having paid less than EUR 100 mln for the asset four years ago. The two companies signed a preliminary agreement at the end of last year but have yet to close the deal.
Morgan Stanley declined to comment.
Dieter Becken and the Becken Investitionen & Vermögensverwaltung company in 2007 sold the asset as part of a portfolio which also included the Deichtorcentre office centre in central Hamburg. Completed in 2001, Berliner Bogen offers around 30,000 m2 of office accommodation and is leased to Axa Colonia.
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