German property investor NAS Invest has acquired a landmark office project in Berlin from Hamburg's DWI Group in an off-market transaction.
Financial details were not disclosed.
The Spreeturm scheme, located in the new Mediaspree urban quarter close to the Ostbahnhof railway station, comprises 13,500 m2 of lettable area. It is scheduled for completion in 2020.
'The Spreeturm property is to feature a modern fit-out that will permit flexible use options,' said Nikolai Dëus-von Homeyer, Co-CEO, COO and managing partner of NAS Invest. 'As it is located in one of the most popular micro-environments, it will fill a major gap in Berlin’s office real estate market.'
Berlin's Mediaspree district is currently being developed on a footprint of around 180 hectares. The mixed-use quarter will comprises offices, residential, gastronomy, retail and leisure. Current tenants of the area include BASF, Zalando, Daimler, Coca-Cola and Universal Music, among others.
The buyer was advised by Gleiss Lutz & Arcadis, while the vendor was advised by BNP Paribas Real Estate and Neuwerk Rechtsanwälte.