Listed property company DIC Asset has secured a construction project in Berlin from developer Casada for €90 mln.
The construction project at Heilbronner Str. 26 in Berlin was acquired via a forward deal which will see the development of an eight-storey office project with around 16,000 m2 of lettable area.
'Once completed, this new construction project will optimally complement our proprietary portfolio in regard to the economically significant location of Berlin and the quality of the property itself. It will sustainably bolster the operating performance indicators and mix of our portfolio,' said Sonja Wärntges, CEO of DIC Asset.
The scheme is due for completion in early 2021.
Engel & Völkers Commercial Berlin acted in an intermediary role for the transaction.