CA Immo has completed the acquisition of Am Karlsbad 11, a fully leased building at the southern end of Berlin’s Potsdamer Platz office submarket.
The Vienna-headquartered company bought the 10,100 m2 building from Real Capital and said it plans to implement an asset management programme, modernising the space to increase rents to ‘capture the building’s significant reversion potential.’
Christof Altendorfer, managing director of CA Immo Deutschland and head of investment Germany said: ‘Am Karlsbad 11 forms a strategic component of CA Immo’s portfolio in Berlin, in particular complementing our three existing properties (Königliche Direktion, Hallesches Ufer, Schöneberger Ufer) and one development (Grasblau) in the prime Potsdamer Platz south submarket.’
CA Immo now has 14 buildings in the German capital totalling 1.4 mln sq ft. Eleven of them are development sites. Last year it pre-let 23,000 m2 to KPMG at Europacity, a new tower to be built on Europaplatz next to central station.
Due to the coronavirus, the listed group told shareholders earlier this week that it was postponing payment of a dividend and delaying its AGM, provisionally to August.
Cushman & Wakefield acted for Real Capital and CA Immo was advised by BNP Real Estate and CBRE.