Signa sells Berlin office for €335m

Signa has sold the “Up!” near Berlin’s Ostbahnhof for €335 million ($378 million), according to media outlet Thomas Daily.

The new owner will be a fund of asset manager DWS.

Signa is currently redeveloping the department store property known as “Kaufhof am Ostbahnhof,” which was constructed from 1977 to 1979, into an office and retail property. Zalando, a European electronic commerce company, will be occupying 42,500 square meters (457,000 square feet) of office space. In the garage, the property will have around 200 parking spaces.

Completion is scheduled for mid-2020.

The district of Berlin Friedrichshain, with a current population of around 125,000 inhabitants, is an area of the city that is in high demand for retail, office and residential projects, and has evolved in recent years into a happening district.