Northern Horizon acquires value-add office in Berlin for €18mn
Northern Horizon bought an office property in Berlin-Marienfelde for roughly €18mn in an off-market transaction in late 2018. The building on Trachenbergring has about 8,770 sqm lettable space, enough for up to 30 tenants, Northern Horizon states. The Scandinavian real estate fund manager asserts that the property offers “significant value-add potential”. It was originally built in 1992 by Sony, who also used it. The sale was for the Hansa Lux fund originally launched by BPT. The fund operates on a core plus to value-add strategy, has investment potential of up to €300mn with roughly €100mn in equity, and focuses on north and east Germany, mainly Berlin.
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