Deutsche Investment just acquired 99 residential and 15 commercial units on Kaiserdamm in Berlin-Charlottenburg. The investment manager transacted the purchase on behalf of an individual mandate.
The housing estate comprises two mixed residential/commercial buildings with a total lettable area of around 7,000 sqm, and is fully occupied at the moment. The building cluster, which dates back to 1929, is listed as heritage site. The architect of the properties, Hans Scharoun, was one of Germany’s most influential architects of the twentieth century. His best-known works include the philharmonic hall, the chamber music hall, and the state library in Berlin.
“Hans Scharoun developed the property in the New Objectivity style. It placed the functionality centre stage, which is why the properties consist mainly of studio and two-bedroom apartments with an optimal layout of the residential units – these being residential formats that are more in demand in Berlin’s central locations than ever before,” explained Nina Sobotta, Transaction Manager for the Southern Region and for Berlin/Brandenburg.
During the transaction process, Deutsche Investment was advised on legal aspects by the law firm of GSK Stockmann and by Drees & Sommer on the technical expert opinions.
In March of this year, Deutsche Investment had already acquired other properties in Berlin-Charlottenburg comprising 42 residential and 3 commercial units for this same individual mandate. “The investment focus of our investor is on building up a balanced real estate portfolio for residential rental business purposes in metropolitan cities but primarily in Berlin and Leipzig. The fact that we managed to complete not one but two transactions in the western part of Berlin demonstrates the undiminished market attractiveness of the city. The equity-based investments make it possible for us, especially when you consider the latest interest rate development, to move ahead swiftly with such acquisitions,” added Enver Büyükarslan, Director for Sales and Transaction Management.