BlueRock Group AG (BlueRock), a real estate investment and asset manager based in Zurich and Berlin, has acquired an office property in Berlin-Pankow. The seller of the property in Storkower Straße is Schroder Real Estate Kapitalverwaltungsgesellschaft (KVG) mbH, a business unit of Schroders Capital. The purchase price was not disclosed.
Built in 1965 and last modernised in 1994, the property comprises around 16,500 m² of space and is fully let. The site is home to a public institution at the federal level. The existing lease has a remaining term (WALT) of around eleven years plus a five-year extension option.
"In a highly competitive market, speed and clarity are decisive. We have consistently seized the opportunity that presented itself and secured this attractive, strategically very well-positioned property with a stable tenant profile. At the same time, the property gives us the opportunity to implement our sustainability goals at the site. Corresponding measures, which also improve the quality of life in the building for employees, are already planned and will be implemented in the coming months," says Ronny Pifko, CEO of BlueRock.
Nils Heetmeyer, Managing Director of Schroder Real Estate KVG mbH, adds: "With the sale of this long-term leased office property, we have taken another step towards realizing value for our fund. The property impresses with a stable tenant profile and attractive terms, which has made it well placed even in a challenging market environment. At the same time, it was important to us to find a buyer who would develop the property responsibly and in the long term, and BlueRock has succeeded in doing so."
The property is excellently connected to the Berlin Ringbahn and the S8/S85 S-Bahn lines via the "Landsberger Allee" S-Bahn station, which is located in the immediate vicinity, as well as to the German capital's public transport system via bus lines 156 and 200.
HEUSSEN Rechtsanwaltsgesellschaft mbH provided legal support to BlueRock in the purchase contract negotiations. The legal support on the part of Schroder Real Estate was provided by GSK Stockmann. MB Advisors acted as an advisor on technical issues. BNP Paribas Real Estate acted as an intermediary in the transaction.
