European real estate private equity firm Peakside has acquired a 34,600 m2 mixed-use property in Berlin.
European real estate private equity firm Peakside has acquired a 34,600 m2 mixed-use property in Berlin.
Financial details of the transaction were not disclosed.
The deal is the third acquisition for the Swiss-based investor’s Peakside Real Estate Fund II (PREF II), which targets value-add and opportunistic transactions, mainly in Germany. The firm announced that the fund has raised €140 mln at its final close, giving it a total volume of €400 mln.
The new acquisition is an office, retail and leisure property in Berlin’s northern district of Prenzlauerberg. The asset is currently 93% let. Peakside said it would look to upgrade and reposition the building to capitalise on its central location.
‘As demand continues to grow in this increasingly popular part of Berlin, opportunities to secure core and value-add assets are becoming more difficult to find,’ said Boris Schran, head of acquisitions and origination at Peakside Capital.
Peakside has already sold the first two assets acquired for the PREF II fund, Square 41 in Mainzer Landstrasse, Frankfurt, which it bought in 2013, and Post-Palais in Munich’s Arnulfstrasse.
