A €300 mln-ticket Berlin value-add office complex that has been marketed during coronavirus lockdown has attracted around 20 bids, PropertyEU has learned.
The Heinrich is a group of four buildings owned by Vivion Investments, the family office of Israeli businessman Amir Dayan. The group, which has a circa €4 bn portfolio of German offices and UK hotels, mandated CBRE to sell the investment.
The four buildings put up for sale are located on the edge of the Charlottenburg and Schöneberg districts, on the corner of Potsdamer Strasse and Grunewaldstrasse, near the Heinrich-von-Kleist-Park.
The Heinrich is the first big value-add sale to be tested in the German real estate market since the coronavirus outbreak. Few new large buildings been launched at all in Q2 2020, and those that have are core or core-plus, like the Hines portfolios in Dusseldorf and Berlin which PEU reported on last week.
Vivion’s potential transaction includes one completely empty building while the tenant line-up in the other three includes coworking occupiers.
Sources said that the vendor launched the investment with a circa €300 mln guide price, but it is not known whether any of the bids have reached this level.
The line-up of interested parties is believed to be a majority of German potential buyers but also a substantial minority of investors based in other European countries.
Luxembourg-based Vivion owns a 51.5% stake in Golden Capital Partners, which was an active buyer in Germany last year. In December, Vivion spent £255 mln on two London hotels, The Sanderson and St Martins Lane which it bought from Qatari billionaire Sheikh Hamad bin Jassim Al Thani.
The Vivion shareholder group made a €250 mln equity injection into the Vivion business in January 2020. Vivion and Golden co-investors contributed €556.6 mln of capital to Golden Capital Partners in March.
