QUEST Funds and Universal-Investment invest in office properties in Germany
QUEST Funds and Universal-Investment have acquired four inner-city office properties in Berlin, Hamburg, Frankfurt and Munich as part of an investment for Bayerische Versorgungskammer (BVK).
The real estate portfolio, known as Urban Office RE, comprises approximately 25,000 square meters (269,000 square feet) and will be part of a fund managed by Universal-Investment. The properties are core/core-plus assets in central locations that were acquired by the QUEST Group in recent years and specifically developed to reach portfolio quality. QUEST Funds acts as investment and asset manager of the portfolio.
The Berlin property is known as P88. Measuring 8,400 square meters (90,400 square feet) in size, it was built in 1965 and extensively renovated in 2010. It is fully leased to the security company Securitas and the Bioscentia laboratory. The complex includes 101 parking spaces. The building, located at Potsdamer Strasse 88, is only a few minutes’ walk from Potsdamer Plat