Investment firm Ardian is acquiring a 9,500sqm value-add office building in Germany鈥檚 capital.
Ardian said it has agreed to buy the Berlin office building located near L眉tzowplatz without disclosing the purchase amount, but added that the acquisition is one of the largest value-add office deals in Berlin this year.
The building, which was renovated in 2001, is currently 80% leased, and Ardian plans to invest a 鈥漝ouble digit million euro sum鈥� to fully modernise and densify the property.
Nico Rheims, real estate managing director at Ardian, said: 鈥淲e are pleased to announce the purchase of this office project as it is testament to a starting comeback of value-add office space transactions in Berlin, a market segment that has been rather quiet in the past three years.
鈥淎t this prime location in Berlin-Mitte, we are planning a comprehensive repositioning with a particular focus on quality and sustainability. We are convinced that these factors 鈥� quality, location and sustainability 鈥� will remain key drivers of the rental and investment market in the future, and we therefore continue to seize opportunities in office buildings as an asset class.鈥�
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