HighBrook Investors, the real estate private equity firm, has followed up a recent announcement on the creation of a Dutch logistics platform with news of an exit in Germany.
The company has sold its Postbahnhof asset in Berlin, Mediaspree, through two separate sales transactions totalling approximately €163 mln.
The larger transaction involved a sale of an ensemble of loft office buildings totalling 12,700 m2 to Germany’s Patrizia, which has acquired the property on behalf of one of its institutional clients. The other transaction involved an adjacent land plot which was previously sold to a local developer in late 2019.
Originally built in 1907, Postbahnhof is a listed building which used to serve as a rail hub for parcel delivery before it was converted into office and event space in the mid-1990s. The site includes around 9,100 m2 of existing high-quality office space, which is occupied by e-commerce businesses Zalando and Kayak while the remaining 3,600 m2 is currently operated as an event space in Berlin.
HighBrook acquired the Postbahnhof property for approximately €98 mln in January 2019 through an off-market transaction with a private investor. The firm still owns several other loft office projects in Central Berlin and has been an active investor in the market over the last couple of years.
On the sale, HighBrook was advised by econcept, Eqviva, Minerva, law firm Greenberg Traurig, and EY in Berlin.
Last week, HighBrook revealed it has assembled a high-quality portfolio of logistics assets in the Netherlands for urban logistics platform, CityLink.