Global investment firm Patrizia has acquired an historic office and retail property in Berlin from project development and investment company Quest Investment Partners.
Financial details were not disclosed.
The asset, known as Emmler Lofts and situated at Kottbusser Damm 25-26, was purchased by Quest in May 2019. It has since been fully refurbished and has received the BREEAM certification very good.
Comprising a total area of 6,000 m2, the property has been re-let to Aurora Energy Research and the tech start-up company kollex, amongst others. Historical anchor tenant Woolworth has remained in the building, continuing the operations on the ground floor of the asset which began in 1928.
'The property enjoys a very good micro-location in the up-and-coming Kreuzkölln district and is a prime example of how the successful refurbishment of an existing building can sustainably transform it in the long term while preserving its monumental character. This has resulted in spacious, loft-like offices with historic details such as decorative columns, stucco ornaments and ornate steel doors,' said Luis Walther-Kraft, chief investment officer at Quest.
The restored historical details also include the decorative statues on the façade, the wooden double casement windows and original Art Nouveau ornaments. The building was constructed as a furniture factory in 1906.
Colliers International Germany acted as broker in the transaction. Quest was advised on legal matters by Capstone Legal and on tax matters by Hansa Partner Rommel & Meyer.
Gleiss Lutz provided legal and tax advice to the buyer.
