PGIM Real Estate adds to Berlin portfolio

PGIM Real Estate has acquired an office building in Berlin’s central business district for an undisclosed price.

Located in Berlin City West, the property bought from PPF Group has 24,500 sqm over nine floors available to let and boasts two underground car park levels.

Dominik Brambring, head of transactions for Germany and the Netherlands at PGIM Real Estate, said: “Berlin is a real estate market with significant growth potential. It continues to gain recognition from national and international companies, driving high demand for adequate office spaces, which is offset by a relatively low supply.”

The office building has a 91% occupancy rate and tenants include Union Investment and the Institute for Quality Assurance and Transparency in Health Care.

It is the latest in a series of acquisitions made by the firm in the German capital. In December last year, PGIM Real Estate also partnered with Dublin-headquartered Signature Capital to buy an office portfolio.

©2020 funds europe

HAVE YOU READ?

THOUGHT LEADERSHIP

Innovative US companies are providing some of the solutions to the climate crisis and transition to a more sustainable economy. We see potential opportunities in areas including renewable energy and…
FIND OUT MORE
This white paper outlines key challenges impeding the growth of private markets and explores how technological innovation can provide solutions to unlock access to private market funds for a growing…
DOWNLOAD NOW

IRELAND SPOTLIGHT

Visit our dedicated Ireland channel for all the latest news and analysis on the country's investment industry.
READ MORE

PRIVATE MARKETS FUND ADMIN REPORT

Private_Markets_Fund_Admin_Report

LATEST PODCAST