Benson Elliot, the London-based private equity real estate fund manager, is backing the Berlin housing market with a €300 million development project.
The firm has acquired a 2.5 hectare mixed-use site in central Berlin from listed Austrian property company CA Immo. The acquisition of the 'Europacity' development – Berlin's largest urban renewal project – allows for the development of 752,000 square feet of residential, retail, restaurant and office space.
Benson Elliot and joint venture partner Kauri CAB Development, a specialist Berlin residential asset manager, intend to create an urban residential quarter through the construction of around 500 multi-family apartment units, on top of ground floor restaurants and cafes.
“The Europacity site provides Benson Elliot with a unique opportunity to create high-quality rental housing right in the heart of Berlin, whilst making a significant contribution to the city's sustainable development,” commented Philipp Braschel, partner at Benson Elliot.
The project will also incorporate around 108,000 square feet of commercial and mixed-use space together with a day-care center.
Last year the firm also made inroads into the Berlin property market. It acquired two Berlin office buildings in a joint venture with German property developers Klingsöhr Projektentwicklung and Rockstone Real Estate.