European real estate private equity firm Peakside Capital has acquired a development site for a EUR 90 mln residential scheme in Berlin. Peakside carried out the transaction on behalf of its Peakside Real Estate Fund I. The financial details and the identity of the vendor were not disclosed.
European real estate private equity firm Peakside Capital has acquired a development site for a EUR 90 mln residential scheme in Berlin. Peakside carried out the transaction on behalf of its Peakside Real Estate Fund I. The financial details and the identity of the vendor were not disclosed.
The site, located in the northern part of Berlin Mitte, has already been granted full planning consent for a residential and commercial development.
Peakside announced that it has set up a joint venture with German residential property developer Pantera to capitalise on the ongoing resilience of the Berlin residential market. Peakside and Pantera intend to amend and re-submit the planning request to develop a EUR 90 mln residential-only scheme comprising 300 apartments.
The site is in close proximity to several large employers and the north campus of the Humboldt University Berlin. Demand for housing in the district is also set to benefit from the arrival in the next few years of the headquarters of the BND, the German intelligence agency, which will employ around 6,000 workers, Peakside said.
