Offices are the focus for our commercial property deals summary for 2 March with significant sales in the UK, Germany and Belgium.

Athene Place, London

London offices sold for £255 million

Location and details: Contracts have been exchanged on Athene Place at 66 Shoe Lane, London, following refurbishment and repositioning.
Sector: Offices
Buyer: Wing Tai Properties Limited, Hong real estate company
Seller: Henderson Park investment platform
Price: £255 million
Nick Weber, Founding Partner of Henderson Park, says, We acquired Athene Place in June 2018 after the Brexit referendum with a view to undertaking a full refurbishment to create a first class, prime new workplace that could meet the specific needs of the modern occupier both now and in the future.  

“We put a strong focus on technology, sustainability and, with features such as roof terraces and enlarged balconies providing fresh air spaces, the wellness of personnel.  Within a short space of time we had fully pre-let the building to its former occupier and were then able to work with Deloitte to tailor the refurbishment works to its requirements, creating a first class institutional quality asset offering long term income from one of the world’s leading advisory businesses.”
Source: https://www.propertyfundsworld.com/2021/03/01/296530/henderson-park-agrees-gbp255m-sale-athene-place-london-wing-tai-properties

Postbahnhof, in Berlin

Postbahnhof sold off-market

Location and details Postbahnhof, was built in 1907 in Friedrichshain, Berlin. A  new 12,700 sqm business district is being created across four buildings through extensive development and also thoughtful design that will retain the building’s historical features
Sector: Offices
Buyers: PATRIZIA
Sellers: HighBrook Investors
Price: Undisclosed
Ulf Christiansen, Head of Acquisitions Value Add at PATRIZIA, says, “Postbahnhof is an important piece of Berlin’s heritage and we are privileged to be playing a role in preserving and transforming this incredible space into a new destination for the city’s businesses. COVID-19 has taught us the importance of high-quality office space that helps businesses and individuals think creatively and collaboratively. Mediaspree is one of Berlin’s most dynamic submarkets and we expect occupier demand to remain strong. Berlin remains an important market for PATRIZIA where we already manage a number of office buildings and developments across the city. “
Source: https://www.patrizia.ag/en/news-detail/patrizia-invests-in-historic-postbahnhof-building-in-berlin/

Esprit Courbevoie

New Belgium offices deal

Location and details: A 94-year lease has been acquired on the Esprit Courbevoie newbuild office building in Louvain-la-Neuve, Belgium. It is due to be completed in at the end of 2023.
Sector: Offices
Buyer: Befimmo
Sellers: Project developers BESIX RED and also Thomas & Piron Bâtiment
Price: €27 million
A Befimmo spokesperson, says, “This office building is a good example of Befimmo’s hybrid offer. It will offer approximately 3,300 square meters of office space and 5,000 square meters of Silversquare coworking space, a new step in the development of our BELUX network.”
Source: https://ml-eu.globenewswire.com/Resource/Download/fc72497b-6307-4488-b2b7-267f94492ec4

The CIELO complex in Frankfurt

Landmark Frankfurt building gets new owner

Location and details: The CIELO office complex at Theodor-Heuss-Allee 100-104 in Frankfurt am Main, Germany, is now equally owned by RFR Group and DEMIRE Deutsche Mittelstand Real Estate AG. DEMIRE has also secured a purchase right for the entire building complex. The total transaction is valued at over €270 million. The parties expect the transaction to close in the second quarter of this year.
Sector: Office
Buyer: DEMIRE
Seller: RFR Group
Price: Total transaction valued at €270 million
Ingo Hartlief, Chairman of DEMIRE AG’s Management Board says, “With this transaction, we are consistently continuing DEMIRE’s realignment. We expect this transaction to generate an average FFO I contribution of around €5 million per annum in the coming years. In addition, we have the option to fully acquire the building complex from our partner RFR in five years on terms already agreed.”
Source: https://www.demire.ag/en/news/corporate-news/news-detail/?newsid=2065193. Image credit: By Epizentrum on Wikimedia

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