Avignon sells Berlin asset to RFR for €80m following capex programme

Avignon Capital, the European property investment firm and asset manager, has completed the sale of the Ampere asset in Berlin to RFR Holding for a price in excess of €80 mln.

The Ampere building is a listed property built in 1926. It was an electricity transformer station (Umspannwerk) before being converted into offices in 2010. The 11,678 m2 building is located in Prenzlauer Berg, an area widely regarded as a ‘tech cluster’ in Berlin.

Avignon acquired the building on behalf of a private client in Q3 2016 and this sale marks the completion of its asset management strategy to lease out vacant space. The company said that it invested 'significant capital' into an extensive capex programme. The newly refurbished building has achieved 100% occupancy as it is now fully let to GetYourGuide, a major tech company which agreed to a long lease to make the entire campus its global headquarters.

Patrick Flaton, CEO at Avignon Capital, said: 'The sale of Ampere concludes the three-year business plan to create a vibrant modern campus in which we were able to deliver returns that exceeded our original business plan.'

Avignon Capital will be retained as asset manager at Ampere.

Avignon was advised by BCLP, Warth & Klein Grant Thornton and Celexis.

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