Berlin: Ardian buys Mitte “TeleCity” from J.P. Morgan
The investment company Ardian has purchased the “TeleCity” office complex, located at Lützowstrasse 105-106 in Berlin’s Mitte district, the fourth acquisition for its Real Estate Europe Fund (AREEF) in Germany, together with an institutional co-investor. The seller is a fund managed by J.P. Morgan. The buyer was advised by Cushman & Wakefield, CBRE Preuss Valteq, Herbert Smith Freehills, and Taxess. Hengeler Müller, Maucher Consult and BFIN advised the seller. BNP Paribas is financing the transaction. The property is located near Potsdamer Platz and the “Park am Gleisdreieck” and is 87% let. Much of its 30,000 sqm of lettable space will be subject to extended or new leases in the coming years; the Internet provider I/P/B is its main tenant. J.P. Morgan acquired the complex – built in 1974 and last modernized in 2000 – two years ago from a private investor. The AREEF fund has assets under management of more than €700mn.
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