Korean investor buys Berlin office campus

Hines has acquired the Allianz Campus Berlin in Berlin on behalf of a Korean real estate fund managed by Vestas Investment Management in a share deal forward-funding transaction. The property was sold by CORPUS SIREO Real Estate.

Terms of the transaction were not disclosed.

Hines acted as investment manager for Vestas Investment Management and is taking on the long-term asset management of the property. CORPUS SIREO Real Estate and FOM Real Estate will retain responsibility for completing the construction of the building.

The Allianz Campus Berlin consists of three buildings providing approximately 645,835 square feet of office space in addition to 689 parking spaces. The project, located at the entrance of the Adlershof Technology Park between Rudower Chaussee and Hans-Schmidt-Straße, is scheduled for completion at the end of 2018.

The first tenants are expected to move in during the first quarter of 2019. Allianz Deutschland AG will be the main tenant of the office campus and has leased the property through 2034.

The Berlin Adlershof Science City is Germany’s largest science and technology park and Berlin’s largest media site. It is home to more than 1,000 companies and over 16,000 employees.