PATRIZIA AG has taken on behalf of its institutional clients a majority 90 percent stake in a new major residential development in the Carossa Quarter, located in Berlin’s Spandau district.
The majority stake was acquired from funds managed by Castlelake, L.P., a global private investment firm, on behalf of PATRIZIA’s institutional clients. Kauri CAB, a Berlin-based investor specialized in the acquisition, development and management of city quarters, remains minority shareholder with a 10 percent stake and will act as a development partner. On completion in 2025, the 125,000-square-meter (1.3 million-square-foot) net development is projected to have a GDV of €750 million ($916 million).
Located three kilometers (1.86 miles) north of the important Spandau train station, the 10-hectare (25-acre) freehold site benefits from zoning and planning consents for a waterfront city quarter with views across the Havel. Approximately 101,000 square meters (1.1 million square
