PGIM Real Estate, the property investment arm of Prudential financial, has acquired an office building in Berlin, Germany from Czech investor PPF Group.
Financial details were not disclosed.
The property is located in the central business district of Berlin City West and has a total lettable area of around 24,500 m2 spread over nine floors, with two underground floors containing 410 parking spaces.
According to PGIM, the asset was purchased as part of a share deal for its European value-add strategy.
The multi-tenant property has a diversified tenant structure and a 91% occupancy rate. Tenants include companies such as BDO, Union Investment, Kaufhof Group and the Institute for Quality Assurance and Transparency in Health Care.
'Berlin is a real estate market with significant growth potential. It continues to gain recognition from national and international companies, driving high demand for adequate office spaces, which is offset by a relatively low supply,' said Dominik Brambring, head of transactions for Germany and the Netherlands at PGIM.
Located on Katharina-Heinroth-Ufer 1, the office building is within walking distance of the Kurfürstendamm, the Bikini Berlin shopping centre and the Berlin Tiergarten, and is well connected to the public transport network.
The buy side was advised by Freshfields Bruckhaus Deringer (legal), Schwab Engineers (technology), Ernst & Young (tax and structure) and Laurus Property Partners (financing). The sell side was advised by CBRE (commercial, technical) and White & Case (legal).