UBS Real Estate has acquired the Topas Arkade building on Central Berlin’s Friedrichstrasse from Meyer Bergman’s third retail fund.
No financial details were disclosed.
Meyer Bergman European Retail Partners III, which recently reached its final close in capital raising, acquired the 5,500sqm block in the fourth quarter of 2016.
The building’s ground level and some basement space are retail units while the upper four floors are in office use.
Henning Zimmermann, the vice president at Meyer Bergman, said: “UBS Real Estate approached us just as our business plan for the property was gaining momentum.
“We felt that it was in the best interest of the fund’s investors to accept the offer, which reflects the dynamics of the under-supplied office market in Berlin-Mitte and the location of the property on the prime retail stretch of Friedrichstrasse.”
Zimmermann added that as active investors in Germany, the company continues to look for fresh value-add opportunities to put its fund’s capital to work.