German fund manager Deka Immobilien has acquired an office scheme in Berlin for €120 mln from local developer, Townscape.
Dubbed Enter, the asset has around 13,500 m2 of office space and has been fully let to Contentful and Merantix, two start-ups in the fields of software and AI, for a 10-year lease term.
On its completion in Q1 2021, the asset will be held in Deka's WestInvest InterSelect open-ended fund.
The office development is located in the Berlin district of Mitte, in the Gesundbrunnen neighbourhood. This former industrial zone has been transformed in recent years into a sought after area for science, research and high-tech firms, according to Deka.
Angermann Berlin brokered the transaction.