German asset manager Patrizia Immobilien has acquired 226 up-market apartments in the popular Berlin district of Friedrichshain from project developer Bauwert for an undisclosed amount.
The apartments are part of the new Box Seven green city district with around 650 rented flats and condominiums, office and retail space as well as a children’s day-care centre and a park on Boxhagener Straße.
The new Box Seven district comprises six buildings with 26,000 m2 arranged around a public park.It includes 17,500 m2 of residential space, 2,000 m2 of commercial space for up to 10 office units, 645 m2 of retail space and 109 parking places in the underground garage.
Construction work started at the beginning of this year, with completion planned for the late summer of 2018.
'The new Box Seven city district is very solid real estate in economic terms featuring a stable macro location in one of the most popular districts of the German capital, of which we have now been able to secure a significant share for our customers,' said Johannes Altmayr, head of acquisitions at Patrizia.
The assets are earmarked for two real estate funds managed by Patrizia.
