In this week’s European commercial real estate deal round-up, we feature the sale of four European offices, led by the Berlin VoltAir office, which fetched €457million. For the latest European CRE listings, see

Berlin VoltAir office sold for €457 million

Location and details: ABG Real Estate Group, in cooperation with its joint venture partner Felix Gädeke, has sold the VoltAir office complex in Berlin, Germany. VoltAir is one of the city’s most attractive and state-of-the-art office complexes. The landmark property covers an area of 6,500 sqm and is situated in Berlin’s Mitte business district (bordering Alexanderstrasse, Voltairestrasse, and Dircksenstrasse), where several renowned companies are located. VoltAir has been awarded LEED and WiredScore Gold certificates.
Sector: Offices
Buyer: Joint investment vehicle of Swiss Life Asset Managers and Norges Bank Investment Price: Approximately €457 million.
Key quote: Ulrich Höller, Managing Partner at ABG Real Estate Group, says, “The sale of this outstanding landmark property in the challenging current market environment is testament to VoltAir’s top quality in terms of architecture, equipment, structure and sustainability – strong arguments in convincing first-class investment houses.”

£158.5 million Kaleidoscope London office deal

Location and details: London-focused investment and development company Helical has exchanged contacts for the Kaleidoscope office in Lindsey Street, EC1. The six-storey 88,580 sq ft building sits above the Farringdon East Crossrail Station. It is occupied in its entirety by TikTok, which took a 15-year lease in March 2021. The PLP designed scheme is accredited BREEAM Excellent, WiredScore Platinum and provides a 5,000 sq ft roof terrace together with the high-quality facilities and features integrated artwork by Dutch artists De Makers Van.
Sector: Offices
Buyer: Chinachem Group
Price: £158.5 million
Key quote: Matthew Bonning-Snook, Property Director at Helical, says, “Kaleidoscope was the first over station development to complete on the Elizabeth Line and we were able to attract one of the world’s fastest-growing tech businesses due to its striking design, highly accessible location, excellent amenities and strong environmental credentials. We will now seek to recycle the proceeds from the sale into delivering new highly sustainable ‘best-in-class’ Central London office schemes, where occupier demand remains strong.”
Donald Choi, Executive Director and CEO of Chinachem Group, says, “We’re delighted to have acquired Kaleidoscope successfully as it is located in one of London’s best-performing sub-markets with impressive rental growth. We intend to hold this property for long-term investment. Having now made our London entrance, we will incrementally increase our exposure in gateway cities of other major developed markets in order to move further forward our diversification objectives and build a long-term resilient income stream.

Off-market sale of Kö3 office in Germany

Location and details: Investcorp, a leading global alternative investment firm, has sold the Kö3 office building, part of the KöCampus, at Kölner Straße 3 in Eschborn, Germany, in an off-market transaction. Built-in 1992, KöCampus comprises three adjacent self-contained office buildings (Kö3, Kö10 and Kö12) with an aggregate size of approximately 39,000 m2. Each of the three properties is made up of seven office floors above ground and two basement levels used for parking and storage. Located in Eschborn’s Gewerbegebiet Süd, seven miles northwest of Frankfurt CBD, the properties are in a well-connected commuter location and near Frankfurt’s main train station.
Sector: Office
Buyer: CONREN Land.
Price: Undisclosed
Key quote: Neil Hasson, Managing Director – Head of Investcorp European Real Estate, says, “We continue to see tremendous opportunity across our portfolio across Europe, including Germany. The Kö3 office building is a fully-stabilized, high-quality asset located in a market with enormous potential. Having realized our business plan, we are pleased to be selling the property to CONREN Land. We look forward to continuing to invest in the Frankfurt area and growing our portfolio across Europe.” Source: Source:

Milan office acquired by REIM

Location and details: The AREF Sunshine Fund managed by Prelios SGR and fully invested by Ardian Real Estate European Fund has sold an office in Milan, Spain, to BNP Paribas Real Estate Investment Management (REIM). The building on Via Melzi D’Eril 34 in the heart of Milan, is in one of the most historic and trendy neighbourhoods of the city. It has a total surface of about 5,500 sqm mainly dedicated to office use. Built between 1925 and 1930, it was fully refurbished in 2022. It has four ESG certifications: Leed Platinum, BREAAM Very Good, WiredScore and Well Silver.
Sector: Office
Buyer: BNP Paribas Real Estate Investment Management (REIM).
Price: Undisclosed
Key quote: Dorothea Koestler, Fund Manager for BNP Paribas REIM says, “This acquisition fits perfectly with the fund’s strategy as it is a historic office building with top covenants and located in Milan, a strategic city in the Eurozone. In addition, the asset is an example in terms of ESG in the real estate sector as it has four certifications and is aligned with the Net Zero by 2050 objective set by the Paris Agreement. Thus, it respects the environmental commitments of BNP Paribas REIM, who aims for greater sustainability for all of its funds.”

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