The Skjerven Group has acquired two properties in Berlin for Europa Capital's value-add fund for a combined total of €20 mln.
The two mixed residential/commercial buildings are centrally located on Keithstrasse and Martin-Luther-Strasse, respectively, in Schöneberg district. They were sold by two family offices.
The asset on Keithstrasse is a Belle Époque building (built in 1900) with a gross lettable area of 3,160 m2 that divides into 17 flats and 14 commercial units. It is planned to revitalise and re-let the commercial section of nearly 1,700 m2. The flats are earmarked for long-term property ownership.
'The building, and particularly the flats, are in good repair, and we are very pleased to have had the chance to pick up this property,' said Einar Skjerven, managing director of the Skjerven Group.
The property on Martin-Luther-Strasse consists of 37 flats plus two commercial units, and has a gross lettable area of nearly 2,000 m2. The building was raised in 1910 and has not been modernised since 1952. In the long term, it is planned to sell the flats as condominiums.
Europa Capital said it planned to set up a proprietary portfolio for a value-add fund in Berlin, and is partnering with the Skjerven Group in a joint venture to invest an initial amount of €150 mln.
