Schroders transacts landmark asset in the heart of Berlin
Schroder Real Estate has acquired the Königstadt Carree at Berlin’s Alexanderplatz on behalf of an institutional investor partnership. The €100 million landmark asset located in central Berlin was constructed in 2011/2012 and comprises a 21-storey tower with ca. 26,000 sq m of office space and an eight-story hotel.
The modern office tower is currently let to multiple tenants, anchored by Mercedes-Benz Bank, on the basis of a long-term lease, and an adjoining hotel. The high technical specification, three storey carpark, flexible office space and high energy efficiency further underline the asset’s quality. The property is located directly at the iconic Alexanderplatz between the sought-after neighbourhoods of Mitte, Prenzlauer Berg and Friedrichshain. The area features a dynamic real estate market and benefits from a broad retail and leisure offer as well as bars and restaurants.
Sascha Harms, Head of Real Estate Investment Germany, Schroder Real Estate commented:
“The Königstadt Carree offers a rare combination of high build quality, solid lease structure and an excellent micro and macro location. Berlin is one of Europe’s fastest growing metropolitan areas. This, in combination with its prominent city centre location makes this asset a very compelling and sustainable investment for our investors. The investment is entirely consistent with our strategy to invest in European growth cities and regions.”
“The acquisition of the Königstadt Carree is another important milestone for Schroder Real Estate, proving again our ability to secure extremely sought-after assets, which enabled us to secure this prime asset in one of Europe’s most targeted investment location.”
Following the purchase of the Bosch Areal in Stuttgart, the Königstadt Carree is the second landmark acquisition in Germany in 2015. This transaction marks Schroders continuing success in investing in leading European markets and further boosts its exposure to high quality assets in prime locations.
Philipp Ellebracht, Chairman of the Board of Schroder Real Estate Germany, commented:
“The asset has been acquired in strategic partnerships with our clients. We have invested in this format in other European markets before and it represents a growth area for Schroders.”
Schroders was advised by Cushman Wakefield and KWM.
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Schroders has managed real estate funds since 1971 and currently has £12.4 billion[i] (€16.8 billion /US$18.7 billion) of gross real estate assets under management as at 30 September 2015.
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Schroders is a global asset management company with £294.8 billion (EUR 400.0 billion/$446.5 billion) under management as at 30 September 2015. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
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[i]Includes holdings of Real Estate Capital Partners and Schroders Multi-asset Funds in the Real Estate AUM