PATRIZIA continues successful realization of TEP VI with Berlin office disposals
PATRIZIA AG has sold two office properties in Berlin to Real I.S. AG on behalf of TransEuropean VI.
Following these disposals, just under 30 percent of the TEP VI portfolio has now been realized, taking the fund’s combined realized IRR to 48 percent per year and delivering an equity multiple of 3.4x to date.
The latest TEP VI disposals comprise an 8,600-square-meter (92,570-square-foot) property on Warschauer Straße, in Friedrichshain, and an 9,500-square-meter (102,260-square-foot) asset on Chausseestraße, the northern extension of the well-known prime office and retail address, Friedrichstraße. Following the completion of active asset management plans, including the full refurbishment, the extension of the Friedrichshain property and highly successful leasing campaigns, the offices are now the German headquarters of Nike and Swedish bank, Klarna respectively.
The sales mean TEP VI is on track to exceed its target returns, following the previous disposal