The Skjerven Group has acquired two properties in Berlin for a joint venture with the value-add fund of Europa Capital for a total of €40 million ($45 million) in an off-market deal. The properties, located in West Berlin, are close to the famous Kurfürstendamm.
The properties are under refurbishment, which will be finalized in the second quarter 2022. The seller is a German family office, which will complete the refurbishment program.
The two Wilhelminian-style houses comprise 89 apartments, penthouses and commercial units, and will be offered for sale as individual units.
“The two houses on Joachim-Friedrich-Strasse will be delivered in good condition in terms of substance and fit-out standard,” said Einar Skjerven, managing director. “When the product is ready, we will presumably be able to sell the apartments quickly to owner-occupiers in Berlin or to capital investors from Germany. The demand for residential property is higher than ever in Berli
