Munich-based Real IS, the real estate arm of Bavarian savings bank BayernLB, has acquired the 'Charlotte 13' office and retail building in Berlin (pictured) from Barings Real Estate Advisers for an undisclosed sum.
Real IS bought the property for its Real IS Themenfonds Deutschland (thematic fund).
'Against the background of a dynamic trend in the German letting market, this multi-tenanted commercial property, anchored by a good covenant and in a prominent position, is an investment that will match the high standards of the Themenfonds Deutschland,' commented Jochen Schenk, director of Real IS.
The property, a six-storey building dating from 1931, is situated on a 2,700 m2 site in the historic media quarter between Potsdamer Platz and Gendarmenmarkt, at the corner of Charlottenstrasse and Rudi-Dutschke-Strasse.
The property provides around 8,300 m2 of offices, 1,100 m2 of retail accommodation and almost 1,500 m2 of storage, with three parking spaces.
The asset is 95% let with Barings Real Estate Advisers having re-let the space formerly occupied by MDK-Medizinischer Dienst der Krankenkasse. The new anchor tenant is the Jülich research centre. Other occupiers of the property include a newspaper publisher and a real estate service provider.
JLL Berlin brokered the transaction. The vendor's legal adviser was GT Greenberg Traurig, while GÖRG Partnerschaft von RAen MBB acted for the purchaser.
The Themenfonds Deutschland is a diversified real estate special AIF for institutional investors. The fund invests in properties in the core and core + segments in Germany. It concentrates on office and retail properties, complemented by residential, hotel and logistics assets.
