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Cording Real Estate Group buys Berlin office for €225m
Transactions - JUNE 19, 2019

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Cording Real Estate Group buys Berlin office for €225m

by Andrea Zander

Deutsche Real Estate has sold Carrée Seestraße in Berlin’s Wedding district for €225 million ($252 million).

German specialist news outlet Thomas Daily said the buyer was Cording Real Estate Group.

At the beginning of the year, the Berlin office letting market saw its take-up fall by 13 percent compared with the same period last year, to a level of 217,900 square meters (2.35 million square feet), according to JLL. This was not due to weaker demand, but to the now-chronic shortage of supply.

The investment market will continue to profit sustainably from the current market development, where substantial increases in property value will also be possible in the future, thanks to the high market potential for rent increases, concluded CBRE.

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