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Berlin: A city of going, going, gone landmarks
25 years after the two Germanies were formally reunified, it is still possible in Berlin, just, to know whether you are in what was West Berlin or East Berlin. Much has changed in the city but the telltale signs are still there.
Benson Elliot recently acquired two Berlin landmarks in west Berlin in a €100 million sale-and-leaseback transaction with Berliner Volksbank eG. The assets — two office properties located at Budapester Straße 35 and Kurfürstenstraße 87 in Berlin’s City West — are being acquired in a JV with Klingsöhr Projektentwicklung and Rockstone Real Estate.
The transaction is part of Berliner Volksbank’s decision to relocate in the future to a single headquarters and involves the acquisition, leaseback and refurbishment of the two buildings. The nine-storey Budapester Straße 35 property was built in 1985 and has 9,548 square metres of net lettable space. The building also houses the Berliner Volksbank Art Forum.