Fund manager Real IS Investment has acquired an office complex in Berlin from Romanian businessman and real estate investor Dan Costache ‘Dinu’ Patriciu.
Fund manager Real IS Investment has acquired an office complex in Berlin from Romanian businessman and real estate investor Dan Costache ‘Dinu’ Patriciu.
Financial details were not disclosed, but German trade publication Thomas Daily put the purchase price at just over €90 mln.
The property at Zimmerstraße 54 and 55, Schützenstraße 18-25, and Jerusalemerstraße 45-51 in Berlin’s central Mitte district, are collectively know as Mosse-Zentrum. They were bought from RE Mosse Zentrum, a wholly owned subsidiary of Patriciu’s real estate investment vehicle Dinu Patriciu Global Properties.
Patriciu acquired the complex as two separate units in 2006 and 2007. In the last few years RE Mosse Zentrum extended the leases with core tenants and secured long-term lettings with new tenants. Current tenants include facility management provider Dussmann Service Deutschland, operator of retirement homes Kursana Residenzen GmbH, French aerospace and defence specialist Thales and online shopping portal operator Visual Meta.
RE Mosse Zentrum was assisted in the transaction by asset manager REI Frankfurt and the Berlin office of international law firm Orrick, Herrington & Sutcliffe LLP. Real IS Investment was assisted on the legal side by Satell Rechtsanwälte Steuerberater while Arcadis provided technical assistance. The deal was arranged by Cushman & Wakefield.
The transaction is subject to clearance by the German Federal Cartel Office.
