FRANKFURT 24 November 2020 – CBRE Global Investors has acquired, on behalf of a pan-European fund, Bricks Berlin in the Schöneberg district. The vendor is the investment and project development company Trockland.
The modern mixed-use scheme consists of offices, residential and retail combining work, living and play. The scheme comprises a total of eight buildings, of which six were extensively renovated in recent years and converted into modern commercial space.
The other two recently developed buildings offer 127 rental apartments that are architecturally based on the brick façades of the historic building. The total rental area amounts to almost 26,000 sqm, of which 18,000 sqm are commercial space with an office share of more than 70 percent and 8,000 sqm are rental apartments. There are several courtyards, essential retail (post office and supermarket) as well as sports facilities such as a yoga studio and a gym. There are also 80 underground parking spaces to complete the offer.
“We have acquired a small urban quarter in the popular Akazienkiez in Berlin,” says Sebastian Ehrhardt, Head of Transactions Germany, CBRE Global Investors. “The high-quality, revitalized historic post office Schöneberg and Postfuhramt West date from the beginning of the 20th century and today offer office space with an extraordinary flair. The Berlin office market is still characterised by high demand, and at the same time the attractiveness of Schöneberg as an office location will increase significantly in the coming years. Two other large urban development projects are very close. We see long-term potential for increasing the value of the quarter.”
Bricks is located on a property of around 12,000 sqm land between Hauptstrasse 27-29 and Belziger Strasse 33 directly on the so-called Akazienkiez of Berlin Schöneberg – one of the most popular residential areas in the city. Cafés, bars, restaurants, boutiques, shops, schools and medical centres are in the immediate vicinity. U- and S-Bahn, the train network, are within walking distance. Commercial tenants include Post AG, an organic supermarket, the International School of Management and a software company.
CBRE Global Investors was advised on the transaction by CBRE, Ernst & Young and Linklaters. Trockland’s advisors were BNP, Freshfields and Brummer and Partner.
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About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
Established in 2009 in Berlin, Trockland Management GmbH aims to contribute to urban development by creating spaces with a high quality of life. The owner-managed company realizes large-scale new construction projects as well as conversion and reconstruction of residential and commercial properties. The portfolio includes 19 assets – realized and in planning phase – with a volume of over 2 billion euro; among them assets such as Charlie Living at Checkpoint Charlie, Pier61I63 at the East Side Gallery and Eiswerk in Berlin-Mitte. An international team of around 50 professionals strives to create sustainable value while respecting social and ethical values, as well as to provide letting and management services for the portfolio properties.