A joint venture of the Skjerven Group and a valued add fund of Europa Capital has acquired two properties in Berlin in an off-market deal worth €40 mln.
The properties are in the close vicinity to the famous Kurfürstendamm, and are located in Berlin West. The are currently under refurbishment, which will be finalized in the second quarter of next year.
The seller is a German family office, which will also complete the refurbishment programme.
The two Wilhelminian style houses comprise a total of 89 apartments, penthouses and commercial units, and will be offered for sale as individual units.
Managing director Einar Skjerven said: 'When the product is ready, we will presumably be able to sell the apartments quickly to owner-occupiers in Berlin or to capital investors from Germany. The demand for residential property is higher than ever in Berlin due to the lack of apartments in Berlin, negative interest rates and the lack of investment alternatives in general.'
The joint venture of Skjerven Group / Europa Capital is working on building up a €150 mln real estate portfolio in Berlin with a focus on residential, with the addition of hotels and commercial.
