Skjerven Group acquires two properties in Berlin for Europa Capital

The Skjerven Group has paid €20 million ($24 million) for two mixed residential/commercial properties in Berlin from two family offices.

The assets were acquired on behalf of the value-add fund of Europa Capital, which has partnered with the Skjerven Group to invest an initial amount of €150 million ($181 million). Europa Capital seeks to set up a proprietary portfolio for a value-add fund in Berlin.

The first property has a gross lettable area of 3,160 square meters (34,013 square feet), which divides into 17 flats and 14 commercial units. Nearly 1,700 square meters (18,298 square feet) of the property is earmarked for revitalization and a re-letting of the commercial section.

“The building, and particularly the flats, are in good repair, and we are very pleased to have had the chance to pick up this property,” said Einar Skjerven, managing director of the Skjerven Group.

The other property consists of 37 flats plus two commercial units, and has