Berlin: Bauwens to buy and build on Friedrichstraße
Bauwens Development has acquired a residential and commercial building on Friedrichstraße in Berlin. This is to grow to around 6,000 sqm with potential for expansion and new construction. Upon inquiry, Bauwens responded that it intends to invest approx. €35mn in the property. The seller is a private individual. Bauwens declined to provide any further information about the building; however, TD has learned from market insiders that it is from the early 20th century and is located near the Tacheles site at the northern end of Friedrichstraße. With the acquisition, Bauwens states that its project volume on the Berlin market will grow to over €400mn, encompassing over 100,000 sqm GFA.
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