Berlin: Ardian acquires 18,000 sqm of office space from LBBW
Ardian Real Estate is acquiring the “3 Höfe work” office building project at Lützowstraße 107-112 in Berlin’s Tiergarten district. The seller, LBBW Immobilien Development, is building around 18,000 sqm of lettable space and 52 underground parking spaces on the 4,500 sqm property. Completion is scheduled for the 3rd quarter of 2021. Ardian was advised on the transaction by Herbert Smith Freehills, REC and taxess. LBBW was advised by P+P Pöllath + Partners and BNP Paribas Real Estate. pbb Deutsche Pfandbriefbank is financing the deal. In addition LBBW is building more than 200 apartments in “3 Höfe”. It is Ardian’s third investment in Berlin. Last year, the France-based company acquired the nearby “TeleCity” office complex at Lützowstraße 105-106 with approx. 30,000 sqm of lettable space and an office building on Spichernstraße with 12,600 sqm. Ardian’s German portfolio also includes the two Munich office complexes “Konrad” and “Heinemann Bogen”.
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