TSC Berlin Real Estate advises on acquisition of residential and commercial property in Berlin-Spandau  

TSC Real Estate Germany, Berlin, has advised a Luxembourg-based fund on the acquisition of a residential and commercial property in Berlin-Spandau from a Berlin-based investment company for EUR6.2 million.

The property, situated at Nonnendammallee 82/82a, was constructed in 1992. It provides 37 rental units with a total lettable area of ca. 2,390 square metres. The 28 apartments, which have floor areas ranging between 46 and 100 square metres, are fully let.

On the ground floor there are two commercial units, with a total area of around 260 square metres, which are both let. The 534 square metre site includes seven lettable car parking spaces.

Berthold Becker, Managing Director of TSC Real Estate Germany, says: "The Berlin housing market is extremely dynamic. Spandau is also benefiting from this. Its population is forecast to grow by 7.7% by 2030, above the Berlin average. Together with the very positive economic developments in the district of Spandau, this will help the property acquired to further upgrade the fund portfolio and make a positive contribution, in terms of both cash flow and overall return."

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