Investment manager Valad Europe has sold Thiemann Quartier, in Berlin Neukölln, Germany, to Concarus Real Estate Invest for €47 mln, reflecting a net initial yield of 7.76%.
Investment manager Valad Europe has sold Thiemann Quartier, in Berlin Neukölln, Germany, to Concarus Real Estate Invest for €47 mln, reflecting a net initial yield of 7.76%.
The sale was completed on behalf of Valad’s V+ Germany mandate.
Thiemann Quartier comprises 53,000 m2 of lettable space across 15 buildings incorporating warehouse, office, leisure and retail space. Located at Thiemannstraße 1-11 in Berlin Neukölln, the complex is currently let to tenants including MSA Auer and the Berlin Tax Authority.
'Our strategy was to complete a significant amount of asset management activity at Thiemann Quartier prior to marketing this asset for sale, which included lease extensions of the two anchor tenants and agreeing a long-term lease with a new tenant,' said Andreas Hardt, Valad Europe’s head of Germany. 'As a result, the complex is almost fully let, with the majority of occupiers on long-term leases up to 10 years.'
International real estate advisor, Savills, acted for Valad Europe, while Kontora Family Office acted for the purchaser.
With offices in Berlin, Düsseldorf, Frankfurt, Hamburg and Munich, Valad Europe manages €820 mln of assets occupying 1.2 million m2 of space in Germany.