Warburg-HIH Invest Real Estate has acquired a 6,126sqm office scheme in Berlin-Mitte on behalf of an institutional real estate fund.
Warburg-HIH Invest said it bought ELEMENT B at Brunnenstrasse 128 from Quest Investment Partners for an undisclosed sum.
The property, which was built in 1992, is undergoing a comprehensive upgrade by Quest.
Warburg-HIH Invest said the property has a well-diversified tenant structure with a comparatively long average remaining lease term of 8.2 years.
Hans-Joachim Lehmann, managing director of Warburg-HIH Invest, said located in the vicinity are trendy neighbourhoods in Prenzlauer Berg, along Kastanienallee and around Hackescher Markt, making it safe to expect sustained tenant demand.
Arne Siemens, head of the Berlin business of Quest Investment Partners, said: “With the structural alterations undertaken while ensuring uninterrupted occupancy throughout, we managed to implement a high design quality and to create loft-like modern floor plan structures.
“Moreover, the tenant mix and the cooperation with the incumbent tenants before and during the construction phase reflect a successful asset management strategy.”