CBRE Global Investors acquires mixed-use scheme in Berlin
CBRE Global Investors has acquired, on behalf of a pan-European fund, Bricks Berlin in the Schöneberg district. The vendor is the investment and project development company Trockland.
The modern mixed-use scheme consists of offices, residential and retail combining work, living and play. The scheme comprises a total of eight buildings, of which six were extensively renovated in recent years and converted into modern commercial space.
The other two recently developed buildings offer 127 rental apartments that are architecturally based on the brick façades of the historic building. The total rental area amounts to almost 26,000 sq m, of which 18,000 sq m are commercial space with an office share of more than 70 percent and 8,000 sq m are rental apartments. There are several courtyards, essential retail (post office and supermarket) as well as sports facilities such as a yoga studio and a gym. There are also 80 underground parking spaces to complete the offer.
“We have acquired a small urban quarter in the popular Akazienkiez in Berlin,” says Sebastian Ehrhardt, Head of Transactions Germany, CBRE Global Investors. “The high-quality, revitalised historic post office Schöneberg and Postfuhramt West date from the beginning of the 20th century and today offer office space with an extraordinary flair. The Berlin office market is still characterised by high demand, and at the same time the attractiveness of Schöneberg as an office location will increase significantly in the coming years. Two other large urban development projects are very close. We see long-term potential for increasing the value of the quarter."
Bricks is located on a property of around 12,000 sq m land between Hauptstrasse 27-29 and Belziger Strasse 33 directly on the so-called Akazienkiez of Berlin Schöneberg - one of the most popular residential areas in the city. Cafés, bars, restaurants, boutiques, shops, schools and medical centres are in the immediate vicinity. U- and S-Bahn, the train network, are within walking distance. Commercial tenants include Post AG, an organic supermarket, the International School of Management and a software company.
CBRE Global Investors was advised on the transaction by CBRE, Ernst & Young and Linklaters. Trockland’s advisors were BNP, Freshfields and Brummer and Partner.