Berlin: Union Investment buys Rathaus Mitte for €87mn
Union Investment has purchased the Rathaus Mitte near Berlin’s Alexanderplatz. The building erected in 1998 on Karl-Marx-Allee 31 has roughly 20.000 sqm office space, all of it leased to the State of Berlin. The purchase price is €87.4mn. The seller is a joint venture consisting of the CCP III fund, which is advised by Tristan Capital Partners, and Caleus Capital Investors. When acquiring the asset in 2014, Tristan had listed the purchase price at €29mn; the state extended its lease until 2028 last year. Tristan was advised on the current transaction by JLL, GFP, Clifford Chance, and PwC; Union Investment was supported by Norton Rose Fulbright, P+P Pöllath + Partner, and Kaiser Baucontrol. Union Investment is adding the asset to its institutional open-ended private real estate fund UniInstitutional European Real Estate, and now holds 17 commercial properties with a total value of about €2bn in the capital.
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