Berlin, 2 November 2018 – CBRE Global Investors has exchanged contracts for the acquisition of stilwerk, a well-known shopping destination for design furniture in Berlin’s Charlottenburg district from the ARB Investment Partners Fund NIS ARB EDO.
CBRE Global Investors plans to convert the fourth floor which is currently used as retail space into modern office space.
The 24,840 sqm property consists of two buildings: The stilwerk design centre which was built in 1999 as well as an office building from the 1950s, which was integrated into the scheme. stilwerk is a prime shopping destination for up-market design and luxury furniture. It houses circa 40 independent shops, such as Bang & Olufson, Vitra, Lambert, Rolf Benz and piano manufacturer Bechstein, under one roof and hosts exhibitions and events on architecture and design. The stilwerk brand operates centres in Berlin, Düsseldorf and Hamburg.
The integrated office building, separately accessible from Uhlandstrasse, is occupied by Commerzbank and comprises two upper floors that are used as retail space connected to stilwerk. The retail part accounts for close to 80% of the scheme’s total income. It also includes an underground car park for 163 vehicles.
The property is located on Kantstrasse, Berlin’s premier shopping mile for interior design and high-end furniture, which runs parallel to the famous Kurfürstendamm high street. The location also borders Berlin’s CBD City-West, the most expensive office submarket in the German capital.
The asset fits well within CBRE Global Investors’ strategy for large dominant real estate assets in prime locations of Germany’s top cities. Situated close to Zoo Station and four subway stations, stilwerk is excellently connected to the local and regional transport network.
CBRE Global Investors was advised by Linklaters and CBRE Preuss Valteq. The Seller was advised by Berwin Leighton Paisner (Germany) LLP and Jones Lang LaSalle SE.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $104.2 billion in assets under management* as of March 31, 2018. 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 2017 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 80,000 employees (excluding affiliates) and serves real estate investors and occupiers through approximately 450 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 asset-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 asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.