Edmond de Rothschild REIM and BNP Paribas REIM acquire office property in Berlin’s Schöneberg district for the Real Value Fund
BNP Paribas Real Estate Investment Management (REIM) Germany recently acquired an office property located in Berlin’s Schöneberg district for the Real Value Fund. The asset, which is situated at the corner of Akazienstraße and Hauptstraße, was sold by Art-Invest Real Estate. Real Value Fund is a German real estate special fund structured for institutional investors, which was jointly launched by BNP Paribas REIM Germany and Edmond de Rothschild REIM (formerly Cording Real Estate Group) in 2015. The parties to the transaction have agreed not to disclose the purchase price.
“The asset features just under 3,700 sqm of rental area and benefits from excellent visibility as a corner building on one of Berlin’s arterial roads as well as ideal access to local amenities and transport,” says Isabella Chacón Troidl, Chief Investment Officer of BNP Paribas REIM Germany. “The property brings with it the perfect conditions for active asset management, which will allow us to fully leverage its income potential. This particularly holds true in the light of the high demand for office space that we continue to see in Berlin.”
The five-storey building was completed in 1956 and gradually renovated and modernized by the seller between 2015 and 2020 with renovation works currently nearing completion. Of the almost 3,700 sqm in total rental area, roughly 3,000 sqm is flexible space designed for office and healthcare. The current six commercial tenants also have access to a total of 32 parking spaces in the building’s underground car park. The property is almost fully let with an occupancy rate of around 93%. The current WALT comes to 5 years.
The building is prominently located in the centre of the Akazienkiez neighbourhood in the Wilmersdorf/Schöneberg submarket. The area is characterised by SMEs operating in the retail and service sectors, a wide range of restaurants and hotels and a vibrant art scene. Excellent access to the underground and suburban train network as well as the property’s proximity to Berlin’s central ring road and west bypass route further add to the location’s attractiveness.