German property group Patrizia has completed the acquisition of a data centre and a number of office building in Berlin’s Kreuzberg submarket on behalf of its institutional clients.
The investment comprises a total lettable area of 5,700 m2 across a data centre building, two high quality, modern buildings including a recently refurbished loft office and a newly built office property as-well as a ‘Remise’, which is currently under refurbishment. Together all spaces are 100% let providing a diversified income stream and a weighted average lease term of 6.6 years. Financial details were kept confidential.
‘This is a micro-location we know very well having previously acquired properties in the immediate area and we are pleased to have secured another well-positioned asset in what is an improving Berlin submarket where value can still be found,’ commented Ulf Christiansen who led the transaction at Patrizia. ‘This attractive, modernised property benefits from diversification of income due to its range of office tenants and data centre, which ensures that we will be able to deliver robust returns to our investors.’
Patrizia was advised by Magma Rock Estate.
