Optimum Asset Management has sold a mixed-use asset in Berlin, Germany.
Financial details were not disclosed.
The buyer was a large European real estate investment manager backed by a major bank.
The asset is Uhlandstrasse 181-183, , in the exclusive district of Charlottenburg, Berlin City West.
It comprises 10,000 m2 of office and commercial space with separate access to the passage and office area. The site includes 29 serviced apartments and underground parking spaces. It lies adjacent to the exclusive shopping street of Kurfürstendamm, surrounded by restaurants, cafés and luxury shops, and is close to the former Kempinski Hotel.
Optimum acquired the asset in 2015 and has made the sale on behalf of its Evolution Fund SIF – Property III fund. This deal achieved an IRR of 26%.
André Gretsch, head of portfolio management at Optimum, said: 'The Berlin market continues to demonstrate strong characteristics that make the city a compelling real estate investment opportunity, which we first identified in 2006.
'Our investment in Uhlandstrasse 181-183 reflects our strong local presence and deep knowledge to source opportunities in Berlin. We acquired the site at a discount from a fund that needed to sell, based on our knowledge that the surrounding area was set to benefit significantly from regeneration as a result of the sale process and re-structuring of the former Kempinski Hotel site.'