Pirelli, RREEF property awarded World Heritage Status

Six modernist housing estates in Berlin, including one owned by Pirelli Real Estate and the private equity real estate arm of Deutsche Bank, have been given the same protection as the Great Wall of China and the Great Barrier Reef after being named a World Heritage site by Unesco.

A modernist housing development owned by a joint venture of Pirelli Real Estate and RREEF Real Estate is one of six housing estates in Berlin to be awarded World Heritage Status by Unesco.

The Wohnstadt Carl Legien estate is part of the Berlin Modernism Housing Estate afforded special protection by the United Nations body last week. There are more than 600 World Heritage sites worldwide, including the Acropolis in Athens, the Taj Mahal in India and Versailles Palace in France.

According to Unesco’s website, the estates are testament to Germany’s social housing policies between 1910 and 1933, especially during the Weimar Republic. The country’s building reform program was, at the time, intended to improve housing and living conditions for people with low incomes with new approaches to town planning, architecture and garden design.

Wohnstadt Carl Legien, in Berlin’s Pankow district, was built in the 1920s and was one of the more “urbane and compact” estates to be granted World Heritage Status, according to a statement from Pirelli. 

Carlo Puri Negri, chief executive officer of Pirelli Real Estate, said more than €50 million ($79.4 million) had been invested in the properties since the joint venture, adding that the Unesco decision would ensure further improvements. “This brings an enormous upgrading for the housing estate and with it many opportunities,” he added.