CBRE Investment Management acquires 142 housing units in central Berlin
15 Dec 2021
CBRE Investment Management has acquired 142 housing units with a combined GLA of around 10,910 sq m in Berlin’s central Mitte district on behalf of an international mandate. Located in five separate buildings, the apartments are part of the Mittenmang urban quarter which was completed three years ago. The seller is Lakeward Real Estate AG, an international real estate private equity investment firm based in Switzerland.
The property in Klara-Franke-Strasse also includes an 80 sq m office and 70 parking spaces. Almost half of the apartments are between 40 and 60 sq m in size, and a third of the apartments are particularly attractive for families, with a size of between 90 and 108 sq m. The variety of individual floor plans offer living space to different target groups, from single and two person households to families. All units feature a terrace, loggia or a balcony and several courtyards provide green spaces for inhabitants as well as visitors.
Sebastian Ehrhardt, Head of Transactions DACH, CBRE Investment Management, commented: “The apartments stand out thanks to the high quality of the building and the location, making the asset an ideal investment for our international mandate. Adding to that, the development was made with social responsibility to the Berlin neighbourhood in mind, which fits well with our ESG strategy. Mittenmang was conceived with a focus on adding value to the community and at locally affordable pricing.”
Jean-Antoine Robert, Senior Portfolio Manager, CBRE Investment Management, adds: “Mittenmang fits our mandate’s long-term investment strategy of acquiring future-proof assets with sound demand fundamentals. We believe this centrally located property will continue to attract strong tenant demand and deliver stable cash flows. We are pleased to add Mittenmang to our portfolio and look forward to sourcing further investment opportunities in core European markets for our client.”
The Mittenmang urban quarter consists of freehold and leasehold flats, micro-apartments and subsidised housing. A bustling square with retail and restaurant offerings marks its centre. Berlin’s central train station, the government district and the iconic Brandenburg Gate are all within walking distance, as is the Fritz-Schloss-Park, a local recreation area.
CBRE Investment Management was advised by Linklaters (legal), Arcadis (technical due diligence) and Engel & Völkers Commercial (due diligence).
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in assets under management* as of September 30, 2021. As an investor/operator, the firm creates sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, users, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the data and market insights, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2020 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees serving clients in more than 100 countries. For more information about CBRE Investment Management, please visit www.CBREIM.com.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.