CBRE Global Investors has exchanged contracts for the acquisition of stilwerk, a shopping destination for design furniture in Berlin’s Charlottenburg district from the ARB Investment Partners Fund NIS ARB EDO.
CBRE Global Investors plans to convert the fourth floor which is currently used as retail space into modern office space. Financial details were not disclosed.
The 24,840 m2 property consists of two buildings: The stilwerk design centre which was built in 1999 as well as an office building from the 1950s, which was integrated into the scheme.
stilwerk is a prime shopping destination for up-market design and luxury furniture. It houses circa 40 independent shops, such as Bang & Olufson, Vitra, Lambert, Rolf Benz and piano manufacturer Bechstein.
The integrated office building, separately accessible, is occupied by Commerzbank and comprises two upper floors that are used as retail space connected to stilwerk. The retail part accounts for close to 80% of the scheme’s total income. It also includes an underground car park for 163 vehicles.
The asset fits well within CBRE Global Investors’ strategy for large dominant real estate assets in prime locations of Germany’s top cities, the buyer said.
CBRE Global Investors was advised by Linklaters and CBRE Preuss Valteq. The seller was advised by Berwin Leighton Paisner and JLL.