PGIM Real Estate has acquired an office building in Berlin from PPF Group, as part of a share deal for its European value-add strategy.
The property is located in the central business district of Berlin City West and has a total lettable area of around 24,500 square meters (264,000 square feet) spread over nine floors, with two underground floors containing 410 parking spaces.
The multi-tenant property has a diversified tenant structure and a 91 percent occupancy rate. Tenants include companies such as BDO, Union Investment, Kaufhof Group, and the Institute for Quality Assurance and Transparency in Health Care.
Located on Katharina-Heinroth-Ufer 1, the office building is within walking distance of the Kurfürstendamm, the Bikini Berlin shopping center and the Berlin Tiergarten, and is well connected to the public transport network.
Dominik Brambring, head of transactions for Germany and the Netherlands at PGIM Real Estate, said, “Berlin is a real estate
