Deutsche Investment is about to acquire a mixed residential/commercial building in the Neukölln district of Berlin, which will be a valuable addition to its residential real estate portfolio for one of the company’s separate account mandates.
The period building from the late nineteenth century is almost fully tenant-occupied, and will be added to the portfolio of Deutsche Investment. The property is located on a quiet side street close to Körnerpark and consists of three building sections overall. It has a total lettable area of 2,158 sqm, the average dwelling size being 73 sqm. The commercial unit on the ground floor is occupied by a charity.
Being a typical Belle Époque structure, the building stands out with its historic architecture and its convenient location in what is currently one of the trendiest parts of Germany’s capital. In recent years, Neukölln has developed into an attractive investment destination, which is explained both by its cultural diversity and the ongoing evolution of the city as a whole.
In addition, the district boasts excellent transport links, a rich variety of shopping amenities and restaurants along with plenty of outdoor recreational and leisure areas, such as the former Tempelhof airport grounds.
“We’re glad we successfully completed this transaction within the framework of a separate account mandate. This late-nineteenth-century building represents a valuable addition to our portfolio and perfectly matches our long-term investment approach, which focuses on sustainable appreciation and the upgrading of existing properties,” explained Gilbert Merz, Head of Transaction Management at Deutsche Investment Kapitalverwaltung AG.
“We are pleased to say that we were able to buy another attractive investment for one of our separate account mandates. What makes this property a superb investment is that it combines the charm of a period building with a central location. The transaction underscores our long-term commitment in a dynamic market like Berlin while also bolstering our strategy of sustainably generating value and of steadily expanding our market position,” elaborated Sascha Basic, Member of the Management Board of Deutsche Investment Kapitalverwaltung AG.
During the transaction, Deutsche Investment was advised on legal issues by the law firm of SNP Schlawien Partnerschaften mbB and in regard to the mechanical and engineering survey by CBRE Berlin. Wüest Partner acted as appraisers.
