German real estate investment firm Commodus has acquired an office property in the Neukölln district of Berlin from an unnamed vendor.
The transaction volume was not disclosed, but Munich-based investor, which focuses on core-plus and value-added real estate, targets assets priced between €10 mln and €100 mln in Germany's top seven cities.
'We see great potential for added value in this property, that we plan to seize primarily by activating previously unused floors on the same level as the banks of the Neukölln Ship Canal, thereby further strengthening the appeal of the property for current and future tenants,' said Katrin Graggaber, managing partner at Commodus.
Located on Neukölln’s Sonneninsel, the historic factory building and annex was built in the 1990s over five storeys and currently comprises 12,000 m2 of lettable space. It has a vacancy rate of 15%.
Commercial law firm Greenberg Traurig advised Commodus, while RHE Grundbesitz mediated the transaction.
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European Outlook H2: Germany
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New Governments in France & UK, BREXIT negotiations - what is the outlook for Germany and European Real Estate markets?
Our regular series of European Outlook Briefings analyses the market in the first half of 2017 and the outlook for the second half of the year and beyond. European Outlook events will be held in London, Paris & Hamburg looking at both the home market and the wider European markets to get a real sense of how the three largest markets will perform within the context of European investment as a whole. And bringing you the view from both London & Paris on your market.
Germany overtook the UK in the property investment stakes in 2016 and this year it has been consolidating its dominant position in Europe. What are the prospects for the rest of 2017? Are the upcoming political elections creating any uncertainty in the market, or will Germany remain Europe's safe haven in investors' eyes? Will foreign capital continue to pour into the property sector? To what extent are intense competition and lack of product becoming a problem across Europe? To what extent will Germany benefit from Brexit? Will Frankfurt and Berlin be the main beneficiaries? Or will this go to Paris, Dublin? Will the top seven cities continue to attract most investors' interest? What are the opportunities in secondary cities? Is there a common theme across Europe? Will offices continue to be the most sought-after asset class? Will residential - from high-end to student housing - continue to be a success story? What about logistics?
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