Global real estate investment specialist Patrizia has acquired a newly built office building in Berlin, Germany, on behalf of its institutional clients, from Spree Area.
Financial details for the off-market transaction were not disclosed.
Michaelkirchstraße 20, which was developed in the Berlin-Mitte district by Züblin on the site of a former steam mill, was completed in 2019. The 4,400 m2 building is fully let to the headquarters of Urban Sports Club, a company that provides access to various fitness studios, sports classes and health activities via a network of partner facilities.
Both the location and rental yields offer further upside potential, the firm said. The property was built to the highest standards and is on track to receive a Leed Gold certification in due course.
Ulf Christiansen, director transactions at Patrizia, commented: 'We are pleased to have completed the off-market acquisition of this new office building in a central Berlin location that is establishing itself as a key submarket due to several other projects being under construction in the area.
'There is still robust demand for high quality office space that meets the requirements of modern occupiers, including the need for buildings to have strong sustainability credentials. Together with the potential to deliver rental upside in the medium term, we are confident that this property will bring stable, long-term returns to our investors.'
Patrizia was advised by Colliers.
