CBRE IM acquires Berlin mixed-use asset

CBRE Investment Management has acquired Residenz am Deutschen Theater, a mixed-use scheme in Berlin.

Consisting of three buildings just 500 meters from the German parliament, the asset has a net leasable area of 13,125 square meters (141,276 square feet), made up of residential, office, retail and other space, along with 152 car parking spaces. Over time, the grade B offices will be converted into residential units, resulting in a residential project in Berlin’s CBD designed to the highest specifications.

The building complex is centrally located in the heart of Berlin’s government district, one of the city’s prominent residential areas. The Mitte district is a center for art and culture, science and research, media and politics and is home to a large number of federal institutions, ministries and embassies.

“Despite recent market turbulence, Berlin remains an attractive city for investment in the European market, given its supply constraints,” said Se