Research - JULY 17, 2017

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Two German office buildings sell for €755m

by Andrea Waitrovich

German publisher Axel Springer has sold two assets in Germany for a total of €755 million ($866 million).

Norges Bank Real Estate Management has signed a contract for the Axel Springer Neubau office building in Berlin, which has a floor space of around 52,200 square meters and is currently under construction. Norges Bank Real Estate Management has agreed to pay €425 million upon completion of the building in a forward sale and leaseback transaction. The property is scheduled for completion in December 2019.

And across the street, Blackstone Real Estate Partners Europe V, a fund managed by Blackstone and QUINCAP Investment Partners, has acquired the 10-story Axel-Springer-Passage. The office building has a total of approximately 52,700 square meters of total rentable area and is located adjacent to the remaining buildings at Axel Springer.

In both transactions, Axel Springer was advised by JLL and Hengeler Mueller.

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