Warburg-HIH Invest Real Estate has signed the acquisition of the first phase of the Palais Behrens project in Berlin from a joint venture of Frankonia Eurobau, and life insurers Provinzial NordWest, Westfälische Provinzial Versicherung and SV Sparkassen Versicherung.
Warburg-HIH Invest Real Estate has signed the acquisition of the first phase of the Palais Behrens project in Berlin from a joint venture of Frankonia Eurobau, and life insurers Provinzial NordWest, Westfälische Provinzial Versicherung and SV Sparkassen Versicherung.
The transaction, which is earmarked for Warburg-HIH's Top 7 German cities real estate fund, amounts to a total of €50 mln.
The project offers a total of 7,400 m2 of office space with tenants including RTL and Booking.com.
Law firm Freshfields Bruckhaus Deringer advised the vendors on the deal.
The deal follows Warburg-HIH's purchase last month of two centrally located mixed-use properties in the northern Italian town of Padua for two individual fund mandates.
The assets were acquired on behalf of Warburg-HIH Invest Real Estate from the Real Estate Services Group for a combined price of €40 mln, representing a gross initial yield of 6%.
TH Real Estate will be responsible for the asset management of both assets.
