Deutsche Investment just acquired a property with a lettable area of around 3,500 square metres On Helmholtzplatz in Berlin. The acquisition was transacted on behalf of a separate account mandate handled by the investment manager.
Located in the Prenzlauer Berg district of Berlin, the property has 40 residential and two commercial units. It consists of a front building with two courtyards, side buildings and a back building. The average dwelling size is 80 square metres, which means that the majority of units is particularly well-suited for families.
Originally built during the Belle Époque, the apartment block was fully refurbished and hooked up to the district heating network in 1998. This provides a robust foundation for an environmentally sustainable management of the property. The popular location of the property is symbolic of the vibrant energy and the rich cultural spectrum that this district offers. It is the perfect place for making the most out of city life. It is also a great area to call home, characterised by charming period buildings, trendy cafés and boutiques.
“Through the pinpoint acquisition of unique Belle Époque houses, we are building an extraordinary portfolio for our investors that consists of rare and coveted real estate. The limited supply of such period buildings and the keen demand for them make it safe to expect a stable long-term growth in value,” explained Gilbert Merz, Director Transaction Management at Deutsche Investment Kapitalverwaltung AG.
“We are glad we managed to buy another attractive investment property in an outstanding location in Berlin for one of our separate account mandates. Our focus remains on location and asset quality as we keep scanning the market for further investment opportunities in top locations,” elaborated Sascha Basic, Member of the Management Board of Deutsche Investment Kapitalverwaltung AG.
During the transaction, Deutsche Investment was advised on legal aspects by the law firm of GSK Stockmann, and in regard to technical due diligences by CBRE Berlin. Wüest Partner acted as appraisers.