International real estate firm Hines has sold a mixed-use asset in the heart of Berlin to a joint venture of Swiss Life and German pension fund Bayerische Versorgungskammer (BVK).
The Zoom Berlin mall is the first of five projects developed by Hines in a joint venture with another German pension fund and is located between Bahnhof Zoo railway station and the Kurfürstendamm shopping boulevard, in the City-West district. The 16,500 m2 of floor space is 90% let, with fashion retailer Primark as anchor tenant occupying around 78% of the total area.
Financial details of the transaction were not disclosed.
Christoph Geirhos, head of property purchase and sales at BVK, said: 'As a long-term oriented investor, the building convinces us not only because of its attractive location, but also because of its excellent quality and flexibility. We are glad to be able to purchase a further top property together with Swiss Life Asset Managers.'
The property also contains offices and restaurant areas across its five floors, with a modular structure that allows the space to be let on a flexible basis. Other tenants include real estate services company Engel & Völkers and a software company that has leased the entire fifth floor.
Joachim Wintzer, managing director of Hines Immobilien, said: 'This is exactly the kind of heterogeneous tenant structure that represents all facets of a diversified quarter. We are particularly delighted that with Bayerische Versorgungskammer and Swiss Life Asset Managers we have found a renowned prestigious consortium of buyers for continuing the future of the project.'
Corpus Sireo has been appointed as investment manager. Head of investment and transaction Roy Brümmer said: 'City-West is experiencing stable upturn. Investing here is a sustainably good decision. We are glad to be able to purchase such a prominent building in an absolute top location in Berlin City-West for Swiss Life Asset Managers and BVK.'