Benson Elliot, the London-based private equity real estate fund manager, has acquired two Berlin office buildings in a joint venture with German property developers Klingsöhr Projektentwicklung and Rockstone Real Estate.
The transaction involves the acquisition, leaseback and subsequent refurbishment of two buildings in Berlin. The total value of the transaction of Budapester Straße 35 and Kurfürstenstraße 87, post-redevelopment, is expected to be around €100 million.
The sale by Berliner Volksbank, the sole occupier of both buildings, comes in anticipation of a future consolidation by the bank into a single headquarters.
Budapester Straße 35 is a nine-storey office building which comprises 102,774 square feet of net lettable area overlooking Berlin’s Tiergarten. In addition to the bank’s offices, the building also houses the Berliner Volksbank Art Forum. Kurfürstenstraße 87 is an eight-storey, 66,650 square feet office building which was extensively refurbished in 2002.
“We have a positive outlook on the market, and are pleased to have secured control of these two well-known Berlin office properties. Having worked closely with Berliner Volksbank to structure an acquisition that meets their financial and occupational needs, we look forward to maintaining that relationship as the bank navigates its eventual relocation,” commented Marc Mogull, Benson Elliot Managing Partner.
“Thereafter, we will work with our partners, Klingsöhr Projektentwicklung and Rockstone Real Estate, to return these buildings to prominence, creating a modern space worthy of this important location.”