Warburg-HIH Invest Real Estate has acquired two commercial properties in Berlin for its open-ended segregated property fund TOP 7 Deutsche Metropolen Immobilien Invest.
The purchase was conducted as an asset deal. The seller is a family office. The investment volume was not disclosed.
The properties are located on Wilmersdorfer Straße 50-51 and 52 in centrally located Charlottenburg, a district of the Berlin borough Charlottenburg-Wilmersdorf. The larger, seven-storey property built in 1994 has 4,333 m2 of rentable space. The smaller building, which dates back to 1905, has 1,444 m2 of rentable space.
'The pedestrian precinct on Wilmersdorfer Strasse is one of the most important high streets in Berlin‘s West and benefits from the above-average purchasing power of its clientele from gentrified Charlottenburg. The properties we have purchased in the district are an attractive investment thanks to their prime location and stable rental development,' says Hans-Joachim Lehmann, managing director at Warburg-HIH Invest.
Both properties contain retail, office and residential spaces and are fully occupied. Anchor tenants include the shoe retailer Deichmann SE, Sparda-Bank Berlin eG, the optician business Apollo-Optik Holding and the software firm Pro!vision. The average remaining term of lease is around seven years.
Warburg-HIH's TOP 7 Deutsche Metropolen Immobilien Invest fund was launched was in co-operation with Norddeutsche Landesbank.
