Tishman Speyer has invested in a Berlin office asset for its seventh value-add fund.
The investment manager acquired the Pressehaus am Alexanderplatz property for the TSEV VII vehicle, which has been investing since early last year in London, Paris, Frankfurt and Berlin.
Media group Bertelsmann sold the 27,500sqm asset.
The building, in Karl-Liebknecht-Strasse, is listed under a heritage preservation order.
Tishman Speyer said it would refurbish the property after its tenant leaves next year.
Florian Reiff, senior managing director at Tishman Speyer, said: 鈥淭he building is one of the few large-scale properties in Berlin鈥檚 dynamic Mitte district.鈥�
He said the company would look to reposition the property and create 鈥渕odern, high-quality office space鈥�.
The deal is the second by Tishman Speyer in Berlin in the past year.
In August 2015, it acquired Quartier 205.
鈥淲ith this new acquisition,鈥� Reiff said, 鈥渨e are underscoring the strength of our interest in the Berlin real estate market. We will, therefore, continue to further expand our Berlin portfolio with future investments.鈥�
