Berliner Volksbank Portfolio.  

 

Together with Benson Elliot, the UK-based private equity real estate fund manager, and Rockstone Real Estate, Klingsöhr has closed on the acquisition of two office properties in central Berlin from Berliner Volksbank eG. The transaction involves the acquisition, lease-back and subsequent refurbishment of two prominent buildings, which are located at Budapester Straβe 35 and Kurfürstenstraβe 87 in Berlin's City West. Total value of the transaction, post-redevelopment, is expected to be c. €100 million.

The sale by Berliner Volksbank eG, the sole occupier in both buildings, anticipates a future consolidation by the bank into a single headquarters.

The key details of the assets are as follows:

  • Budapester Straβe 35 is a nine storey office building fronting the popular Olof-Palme-Platz in central Berlin. Constructed in 1985 as the headquarters of Berliner Volksbank, the building comprises 9,548 sqm of net lettable area overlooking Berlin's Tiergarten. Its distinctive circular structure, framed by a glass and red brick façade, contributes to its visual prominence. In addition to the bank's offices, the building also houses the Berliner Volksbank Art Forum (Kunstforum der Berliner Volksbank).
  • Kurfürstenstraße 87 is an eight storey, 6,192 sqm office building situated at the corner of Kurfürstenstraße and Burggrafenstraße. Constructed in 1929 as the headquarters of Lenz & Co ("Lenz-Haus"), the building – which features a listed shell limestone façade – was designed by famed German architect Heinrich Straumer. Straumer, who also designed the iconic Berlin Radio Tower, was a student of Paul Wallot, designer of the Berlin Reichstag. Kurfürstenstraße 87 was extensively refurbished in 2002.


Both properties are situated within 200 metres of Berlin's premier retail boulevards of Kurfürstendamm and Tauentzienstraße.

Following acquisition, the buildings will be leased back to Berliner Volksbank eG, during which time the Joint Venture will finalise refurbishment plans and tender construction works.

Key Facts


 

Location: prominent location in Berlin City-West vis-a-vis Breitscheidplatz

 

Year built: 1929 and 1985

 

Usage: retail and commercial buildings

 

Plot size: about 3,200 sqm

 

GLA: about 15,700 sqm

 

Investment volume: approx. € 100.0 million

 

Client: private investor

 

Our services: 

  • Acquisition
  • Project development and usage concept
  • Project management
  • Asset management
  • Letting coordination 
  • Coordination of tenant fit-outs

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