Hines has acquired the Atrium Charlottenburg office building in Berlin, for a price in excess of €160 million ($178 million) on behalf of the Hines European Value Fund (HEVF). The building consists of up to nine floors of offices and offers a net rentable area (NRA) of 40,000 square meters (430,000 square feet).
“Our great confidence in Berlin’s excellent long-term prospects and development is ongoing and it is our strategy to overweight Berlin exposure,” said Christoph Reschke, senior managing director of Hines Immobilien GmbH. “The current sentiment in the office market is leading to a substantial uplift of nontraditional office locations within the inner-city. As such upgrading of existing buildings in these locations have become a viable addition to speculative developments and buying core. Atrium Charlottenburg is already benefiting from this transition which will continue further in the future.”
Located on Berlin’s Kaiserin-Augusta-Allee, the buildi
