Ampega Real Estate GmbH has acquired the office and commercial building Schloßstraße 20 in Berlin-Steglitz for HDI Deutschland AG. The seller is the Hines Pan-European Core Fund (HECF). The parties have agreed not to disclose the purchase price of the office and commercial building. The new main tenant Globetrotter took over the retail space from Sport Scheck in mid-year and will open its new experience store already in October. Ampega was advised by GSK Stockmann, CBRE and GMA Gesellschaft für Markt- und Absatzforschung. The seller of the office and commercial building was legally advised by P+P Pöllath + Partners (Dr. Matthias Durst). COMFORT brokered the transaction. Christoph Reschke, Co-Managing Director Germany at Hines, says, “The new letting to Globetrotter in a challenging market environment for retail properties confirms that stationary retail can be successful if location, property and letting concept are carefully coordinated.”
Source: https://www.hines.com/news/ampega-real-estate-acquires-office-and-commercial-building-in-berlin-from-hines. The aerial photo of Berlin is by dronepicr and is reproduced from Wikimedia under CreativeCommons.
DENMARK: FREDERIKSBERG OFFICE JV ANNOUNCED
CapMan’s new value-add real estate fund CMNRE III has acquired a prominent property on Lindevangs Allé 8-12, Frederiksberg in a joint venture with property developer CASA. Over the coming years, the property in the heart of Frederiksberg, part of Copenhagen, which will undergo a major transformation. will be renovated and upgraded into modern, dynamic office space. Construction is expected to start in early 2021. Hasse Wulff, Investment Director at CapMan Real Estate, says, “In recent years, we have worked with a number of transformation projects where the starting point has been well-located properties with significant development potential. For years, this property has been used for educational purposes and it is now our plan to convert it to its original use as office space. We see potential in creating an attractive and modern office environment, which further adds to the appeal of the area.” CapMan’s Real Estate team in Helsinki, Stockholm, Copenhagen and Oslo currently manages a total of €2.8 billion in real estate assets.
SPAIN: TWO OFF-MARKET OFFICES ACQUIRED
Curzon Capital Partners 5 LL, which is advised by pan-European investment manager Tristan Capital Partners, has acquired two off-market offices in Barcelona from Inmobiliaria Colonial. They cover 17,500 square meters across two of most sought-after submarkets in Barcelona. The largest asset is the Berlin Numancia building, in Barcelona city, near the Sants metro and train stations. Built in 1994 and recently refurbished, the building provides 12,600 square meters of flexible office space and has a BREEAM ‘Good’ rating. The second asset, Plaza Europa was built in 2007 and comprises around 4,900 square meters across five floors. Plaza Europa is by the Europa / Fira metro station. The building is fully leased to leading food brand, Galliina Blanca. Nikolay Velvev, Executive Director at Tristan Capital Partners, says, “These buildings offer exposure to two established office submarkets in micro-locations that benefit from excellent transport links. Both assets were built with high-quality standards and specifications that fit modern requirements for both multi and single tenants and have been resilient performers during the coronavirus crisis.” The operating partner for the acquisition of the portfolio will be Patrimony, a Spanish firm based in Barcelona. CCP 5 was advised by Savills Aguirre Newman, Uria Menendez and CVO Group.
THE NETHERLANDS: AMSTERDAM OFFICE BOUGHT OFF-MARKET
Three La Française real estate investment vehicles have acquired an off-market Amsterdam office from Avignon Capital. The property is at 16 Danzigerkade on the IJ waterfront in the dynamic Houthavens area. The six-storey office property, completed in 2018, offers 6,812 square meters of floor space and 55 parking spaces and is fully let. Jens Goettler, Managing Director of La Française Real Estate Managers – Germany says, “We are delighted to secure a third property in Amsterdam with such efficient and flexible office space. Houthavens, where most of the stock is already let, is one of the few areas in Amsterdam City where new developments are still possible. This investment is perfectly in line with our ESG real estate strategy which favours acquisitions in mixed-use developments.” La Française Real Estate Managers was advised by Houthoff on legal aspects and by Savills Netherlands on technical Due Diligence.
UK: £81.5M BTR SCHEME IN GLASGOW
Candleriggs Development 2 Limited, the joint venture between Drum Property Group and Stamford Property Investments, has agreed an £81.5 million deal with Legal & General for a major 346-apartment Build-to-Rent (BTR) scheme at Candleriggs Square, Glasgow. The deal marks the next significant step of the regeneration of the 3.6-acre Candleriggs Square site. Approval was granted for a Planning Application in Principle for the site by Glasgow City Council in May 2020 – including a detailed application for a new 500-room Student Hotel Group complex. Legal & General will forward fund Candleriggs Development 2 to deliver the apartment complex. As well as the 346 apartments, the 17-storey 325,000 square foot building will include ground-floor retail and commercial units. Graeme Bone, Managing Director of Drum Property Group, says, “The L&G deal is testament to the unwavering commitment and confidence we have placed in both the Candleriggs Square site and Glasgow city centre during these most testing of times.”