PGIM Real Estate has acquired the Stream office tower in Berlin from Signa, as part of a forward deal on behalf of German and Swiss institutional investors.
The modern office building, currently under construction, is located at the Mercedes-Benz Arena. When finished, it will be an architectural landmark with a height of 90 metres and a total floor area of 50,000 m2 to accommodate up to 2,500 workspaces.
The main tenant will be e-commerce company Zalando, which in recent years has developed into a major European online fashion platform. Construction began in early 2019 and completion is scheduled for the end of 2021.
'Berlin is an exciting market that offers a lot of potential in the office segment,' said Sebastiano Ferrante, head of Germany and Italy at PGIM Real Estate. 'This is primarily indicated by the continuing demand from tenants, combined with a limited supply. We are therefore pleased that, as part of our investment strategy, we have been able to make a further acquisition for our institutional investors which should enable them to achieve an attractive increase in value and a return in the long term.'
'Like no other quarter, Mediaspree stands for the positive economic development that Berlin has experienced in recent years,' added Timo Herzberg, CEO of Signa Real Estate Germany.
