Benson Elliot Capital Management
October 29, 2015 Benson Elliot books into pan-European hotel portfolio for €420 million A joint venture between private equity real estate fund managers, UK-based Benson Elliot and US-based Walton Street Capital, L.L.C. (“Walton Street”) in partnership with Algonquin SA (the “JV”), has acquired a pan-European hotel portfolio comprising of eight prime hotels in seven major cities across five countries, the Prime Europe Hotels (the “Portfolio”) for approximately €420 million. The Portfolio was purchased out of Host Hotels & Resorts Inc.’s European Joint Venture (the “Vendor”).

The eight freehold properties total 2,308 rooms in Venice, Paris, Milan, Rome, Warsaw, Nuremberg and Brussels, located adjacent to key demand generators, either in metropolitan city centres, high-growth commercial corridors or leisure destinations. Assembled between 2006 and 2011, the Portfolio has a profitable trading profile and strong cashflow.

The Portfolio comprises the following assets:
• The Pullman, Paris Bercy
• The Westin Europa and Regina, Venice
• The Westin Palace, Milan
• The Sheraton, Rome
• The Sheraton, Warsaw
• Le Méridien Grand Hotel, Nuremberg
• The Marriot Executive Apartments, Brussels
• Renaissance Hotel, Brussels

The assets have benefited from substantial investment in recent years, and significant opportunities remain for the JV to create further value through the implementation of targeted asset management initiatives.

Trish Barrigan, Benson Elliot Senior Partner, said:
“This is a significant transaction for Benson Elliot, concluded with trusted partners like Algonquin, who we worked closely with on our Novotel Edinburgh Park investment. The portfolio is of exceptionally high quality, with opportunities to grow income and value in a sector attracting increasing attention from investors.”

Robert Bloom, Senior Principal at Walton Street, said:
“This Portfolio represents a high-quality collection of full-service branded assets that is being acquired at both an attractive yield and significant discount to replacement cost‎, at what we believe is an opportunistic point in the investment cycle. We are excited about this transaction and look forward to working with our JV partners, Benson Elliot and Algonquin, to maximize value.”

Jean-Philippe Chomette, CEO at Algonquin, said:
“We are very pleased to be associated in this acquisition with two major international investment partners, such as Benson Elliot and Walton Street. The inherent quality of each asset in this portfolio, their prime locations and the first class operators of these hotels will help us further optimize their value through material refurbishment programs and enhanced operational efficiencies.”

The JV was advised on the transaction by Paul Hastings and Deloitte.

ENDS

For further information:

Benson Elliot
Trish Barrigan, Senior Partner
Matilda Lane
+44 (0) 20 7808 8900
Matilda.lane@bensonelliot.com

Walton Street
Robert Bloom, Senior Principal
+1 312 915 2803
BloomR@waltonst.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

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October 16, 2015 Plans in for £25m Fishergate

North West Place, Fishergate Planning

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October 5, 2015 Benson Elliot acquires £132m UK portfolio

PERE – Bentley

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October 5, 2015 Benson Elliot extends South-East investment programme with purchase of Legal & General’s Bentley Portfolio Benson Elliot, the UK-based private equity real estate fund manager, has acquired the Bentley Portfolio for £132.0 million in a transaction which demonstrates the firm’s ongoing commitment to its UK office and retail strategies.

The assets have been acquired from Legal & General Property (“LGP”) on behalf of its first UK Property Income Fund, following a tailored marketing process, with contracts exchanging last week. The Portfolio comprises one of the South-East’s leading business parks, Guildford Business Park, in Guildford, Surrey, and a covered retail and restaurant centre, The Meadows, in Chelmsford, Essex.

Originally developed in 1988, Guildford Business Park was held by the Crown Estate for 23 years before L&G’s acquisition in 2010. The asset provides 260,000 sqft of grade A / B+ office space in one of the UK’s most institutionally sought after and tightly supplied office markets. The asset is multi-let to national and international tenants including Philips, Colgate and Ericsson.

The Meadows is a 200,000 sqft covered city centre retail and A3 scheme which is 91% occupied and anchored by Wilko and BHS. Situated over eight acres with significant waterside frontage, the scheme will benefit from proximity to the 300,000 sqft mixed use Bond Street development anchored by John Lewis and Cineworld.

James Jakeman, Principal at Benson Elliot, said: “Over the past five years Benson Elliot has established substantial office and retail investment and development programmes across London’s commuter belt. This acquisition is well aligned with the firm’s core competencies and we believe the two assets offer further value as the ripple effect of growth in Central London spreads outward and gathers momentum.”

Charlie Walker, Fund Manager to LGP’s UK Property Income Fund, comments: “Having acquired the Guildford and Chelmsford investments earlier in the cycle, we have reached early conclusion of the active business plans and secured an opportune and timely exit that allows us to return strong value to our investors.”

L&G was advised by JLL and Tudor Toone, and Benson Elliot was advised by Montagu Evans and Jackson Criss. Cube Real Estate has been appointed asset manager by Benson Elliot.

ENDS

For further information:

Benson Elliot
James Jakeman, Principal
Matilda Lane
+44 (0) 20 7808 8900
Matilda.lane@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

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September 10, 2015 £25m revamp for Preston’s Fishergate Centre

Lancashire Evening Post, Fishergate Centre

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August 24, 2015 Ealing Times: Consultation begins on Ealing Broadway regeneration with new nightclub and 191 homes

Ealing Times, The Broadway

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July 15, 2015 BBC NEWS: Vicarage Field, London shopping centre sold by NI property groups

BBC, Vicarage Field

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July 13, 2015 PERE EXCLUSIVE: Benson Elliot sells €80m Spanish office

PERE, Cornerstone Sale

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July 13, 2015 Benson Elliot sells landmark Cornerstone office development in Barcelona for €80 million - Open market process sees return of institutional investors to Spanish office sector -

Benson Elliot, the UK-based private equity real estate fund manager, has agreed the sale of its landmark Cornerstone office development in Poblenou, Barcelona to a fund managed and a European mandate advised by UBS Global Asset Management’s Global Real Estate (GRE) business, for €80 million.

Benson Elliot agreed to forward purchase the 20,700 sqm office development from Banco Sabadell subsidiary Solvia in March 2011, in a joint venture with Bream Real Estate. At the time, few were willing to make such a considerable – let alone speculative – commitment to Spain’s real estate sector.

One of Barcelona’s most design-efficient buildings, Cornerstone was opened in November 2013 and awarded the city’s first ever LEED Gold Certificate for an office development. Cornerstone’s design distinction has been a key driver of the building’s successful leasing efforts, with Cornerstone now 77% let little more than a year post-delivery. Tenants include ADP, a global leader in outsourced services and human resources management, and German manufacturer Henkel.

Trish Barrigan, Benson Elliot Senior Partner, said:
“When we committed to purchase Cornerstone in 2011, Benson Elliot was one of a small handful of international real estate companies who would even consider Spain as an investment target. We believed in the sustainability of Barcelona as a magnet for international business, and saw a dearth of competitive supply in the pipeline. Cornerstone is now one of Barcelona’s leading office developments, and the strong institutional interest we saw emerge during the sale process has validated our decision to move early into the Spanish market.”

Poblenou is Barcelona’s largest and most dynamic office sub-market, home to quality occupiers such as Ogilvy & Mather, Hyatt and Cuatrecasas. In September 2014, Benson Elliot demonstrated the firm’s ongoing commitment to Poblenou – and conviction in Spain’s economic recovery – with the acquisition of a 23,400 sqm land plot in the Las Glorias area (c. 1 km from Cornerstone). This site is earmarked for another trophy office development.

Manuel Hidalgo, GRE’s Head of Transactions Spain, said:
“Cornerstone is a grade A urban office park of outstanding quality. It really ticks all the most important boxes for modern occupiers such as efficiency, sustainability, quality, excellent access to public transport and with plenty of restaurants and shops embedded in the very lively district of Poblenou. This investment demonstrates our commitment to Barcelona, which ranks among the top business locations within Europe. It also strengthens our position in this market, where GRE’s funds have been present for many years and which already own six office buildings.”

Benson Elliot was advised by Cushman & Wakefield and Ashurst, while the buy-side legal advice was provided by Dentons.

ENDS

For further information:

Benson Elliot
Trish Barrigan, Senior Partner
Matilda Lane
+44 (0) 20 7808 8900
Matilda.lane@bensonelliot.com

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

 

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June 30, 2015 Benson Elliot exits £275m of deals in 12 months

PERE

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June 29, 2015 Regional strategy pays off for Benson Elliot as disposals pass £275 million in just 12 months - Institutional investors and retail funds return to the UK regions -

Benson Elliot, the UK-based private equity real estate fund manager, has announced the sale of 55 Princess Street in Manchester for £22.4 million to Ignis UK Property Fund, managed by Standard Life Investments, and Templeback in Bristol to Orchard Street Investment Management for £58.5 million, reflecting net initial yields of 5.65% and 5.34% respectively. The two disposals, which have been concluded in off-market transactions, bring Benson Elliot’s total proceeds from seven UK exits during the past 12 months to over £275 million. The success of the Benson Elliot UK regional investment programme highlights the firm’s ability to identify and capitalise on value-add opportunities across the UK.

Marc Mogull, Benson Elliot Managing Partner, commented:
“We have successfully marketed a number of our mature UK regional assets in BEREP II during the past 12 months, and have also had some unsolicited approaches on our BEREP III portfolio, reflecting the strong appetite amongst investors for institutional quality properties like Templeback and Princess Street.

The returns we have secured from these seven investments support our conviction to be an early mover into the regions, and underscore the success we have had in implementing our value-add programmes.”

Templeback is a 122,000 sq ft office development behind a retained Victorian façade, located in the heart of Bristol’s commercial area on the waterfront of the Floating Harbour canal. Since acquiring the building in October 2014, Benson Elliot has upgraded the shared areas, improved its viewing experience and increased the building’s lettable area. Blue Speck Financial and Mott MacDonald recently leased 13,000 sq ft and 10,400 sq ft respectively.

55 Princess Street provides 51,700 sq ft of grade A office space in Manchester’s prime business core, arranged over six floors, along with 4,100 sq ft of ground floor retail space. Since the acquisition of the building in September 2013, Benson Elliot has overseen the refurbishment of the reception and common areas, and upgraded vacant space, helping to secure a number of recent lettings to tenants including international law firm, Trowers & Hamlins on a 10 year lease, bringing the building’s occupancy to 77%.

George Shaw, Fund Manager of the Ignis UK Property Fund added:
“We’re delighted to have completed the acquisition of 55 Princess Street from Benson Elliot in this off market transaction, which provides the Fund with exposure to the core Manchester office market with good prospects for rental growth.”

Benson Elliot was supported on the asset management of both Templeback and Princess Street by Cube Real Estate. Farmer Capital advised Benson Elliot on the sale of Templeback. Orchard Street Investment Management was advised by Savills and Standard Life Investments was advised by JLL.

UK regional sales over the last 12 months include: Ealing Cross, Cambourne Business Park, CBX II in Milton Keynes, Novotel Edinburgh Park and The Arcadia Centre in Ealing.

ENDS

For further information:
Benson Elliot
Marc Mogull, Managing Partner
Matilda Lane
Matilda.lane@bensonelliot.com
+44 (0) 20 7808 8900

FTI Consulting
Dido Laurimore / Claire Turvey
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com
+44(0) 20 37271000

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June 17, 2015 Benson Elliot expands UK retail portfolio with purchase of Vicarage Field Shopping Centre in Barking Benson Elliot, the UK-based private equity real estate fund manager, has acquired the Vicarage Field Shopping Centre in Barking in an off-market transaction for £35 million. The East London scheme has been acquired from Northern Irish JV Lagmar. The purchase price represents a net initial yield of 8.5%.

Vicarage Field is located in the heart of Barking, on a 5.2 acre site held long leasehold from the London Borough of Barking & Dagenham. Constructed in 1991, on the site of the former Vicarage Field football grounds (home of Barking FC from the early 1900s until the 1970s), the Centre provides 156,000 sq ft of net lettable retail space, together with 500 parking spaces. Strategically situated immediately opposite Barking Station – which provides a regular 15 minute train service to Fenchurch Street in the City – it benefits from the growing trend for retail convenience, whilst being the area’s only covered shopping offer and home to brands such as Argos, Subway, Vodafone, Claires, Poundland and new arrivals Holland & Barrett.

Benson Elliot will look to reposition the retail offer at Vicarage Field, building on the firm’s strong in-house retail expertise and leveraging occupier relationships developed through Benson Elliot’s ownership and management of a 1.3 million sq ft UK retail portfolio.

Marc Mogull, Managing Partner of Benson Elliot, said:
“During the past five years Benson Elliot has established itself as a committed and reliable partner for dynamic local councils across the UK, as they seek to encourage private sector-led regeneration efforts for the benefit of the communities they serve. We’re strong believers in the growth and investment potential of East London and LBBD in particular, and recognise the great opportunity this acquisition offers to revitalise a key part of Barking town centre. We look forward to working with the Council and local community to fulfil the long-term potential of this key Thames Gateway location.”

Vicarage Field benefits from a previous planning consent for a 165,000 sq ft residential scheme, and the Town Centre’s recent mayoral Housing Zone designation will accelerate local housing delivery and help drive retail spend in the coming years.

Councillor Darren Rodwell, Leader of Barking and Dagenham Council, welcomed the sale and said:
“It’s a clear sign of the progress we’re making that a major private investor like Benson Elliot should want a stake in Barking’s future. We look forward to working with them on this key town centre asset to build on our growth agenda, with Barking and Dagenham being London’s Growth Opportunity.”

Peter Cornforth, Director of Retail at Benson Elliot, said:
“This is an exciting purchase for Benson Elliot and provides us with a fantastic opportunity to contribute to the regeneration of a key east London metropolitan centre. The goal has to be to ensure that Vicarage Field’s retail offer keeps pace with evolving shopping trends, and that changes in local aspirations are reflected on the ground. With ambitious growth plans for 35,000 new homes and 10,000 new jobs, the Borough is a great place to invest long-term and as London moves east, we aim to ensure the town centre takes a leading role in shaping Barking’s future.”

ENDS

For further information:

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

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June 1, 2015 German residential exits continue to deliver for Benson Elliot Benson Elliot, the UK-based private equity real estate fund manager, has announced the sale of 700 units from its German residential portfolio to Frankfurt Stock Exchange listed LEG Immobilien AG. The total consideration for the transaction represents a rental yield of 6.8%.

The properties sold to LEG are all located in North-Rhine Westphalia. They constitute part of the TOR Portfolio, which originally encompassed more than 3,000 residential and ancillary commercial units across Germany. The portfolio, which secured a c. €187 million loan to subsidiaries of Speymill Deutsche Immobilien Company PLC, was acquired by Benson Elliot out of an Isle-of-Man receivership in 2012. That process was directed by special servicer Hatfield Philips International Limited and receiver Ernst & Young, in conjunction with the borrower. Benson Elliot’s purchase of the TOR Portfolio represented one of the first defaulted CMBS portfolio loans to be resolved in the aftermath of the Global Financial Crisis.

Since acquisition, Benson Elliot and joint venture partner Wertgrund Immobilien have undertaken a wide range of asset management initiatives: reorganising management, conceiving and implementing a carefully targeted capex programme, and developing and rolling out a dynamic new marketing and leasing strategy. Over 1,000 leases have been signed to date, and occupancy across the portfolio – which is concentrated in prime metropolitan areas such as Berlin, Frankfurt, Munich, Hamburg and Cologne – has been increased from 90% to 97%.

With this latest sale Benson Elliot has realised well over €200 million of disposal proceeds from the TOR Portfolio investment, exiting 69 of the original 80 assets (c. 2,300 units). Benson Elliot investors have received distributions to date above 150% of invested capital, with significant additional value embedded in the remainder of the portfolio.

Georg Strassner, Principal and co-head of Germany at Benson Elliot, commented:
“We have seen strong income and capital growth across the TOR Portfolio since we acquired it some three years ago. We were confident at the time of purchase that quality residential assets like these – once stabilised – would prove attractive to buyers seeking reliable income in a low interest rate environment. The asset management programme has been highly focused, and demonstrably effective: we’ve created desirable investments, and been disciplined about harvesting these as we’ve progressed. We’ll look to wind down the remaining assets in the near term, crystallising the remaining value in what has been a highly successful investment for Benson Elliot.”

ENDS

For further information:

FTI Consulting
Dido Laurimore / Claire Turvey
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com
+44(0) 20 37271000

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May 6, 2015 Benson Elliot and Algonquin check out of Novotel Edinburgh Park Benson Elliot, the UK-based private equity real estate fund manager, has sold the Novotel Edinburgh Park, which it held in joint venture with Algonquin SA. The hotel, which was purchased by the JV out of administration in late 2010, has been acquired by a Middle Eastern investor. The sale will realise a 2.5x multiple for Benson Elliot.

During Benson Elliot’s co-ownership of the Novotel Edinburgh Park, a series of proactive management strategies and asset management initiatives were deployed to deliver strong performance improvements to the business. These included new revenue and marketing programmes, and a capital expenditure programme centred on improving the bar and restaurant provision. The hotel is set to further benefit from the arrival of a tram line to the locality which opened in May 2014.

Marc-Olivier Assouline, Principal at Benson Elliot and Head of Hotels, said:
“We purchased this asset at what we believed to be the bottom of the operational cycle, following the global recession and market decline. Since then, our asset management initiatives, and external factors such as the arrival of the Edinburgh Trams, high profile events nearby (notably the Ryder Cup and Commonwealth Games), and a general upturn in the Scottish market have combined to deliver an exceptional improvement in the hotel’s performance. This was a timely moment to realise the value created for our investors, and to pass the asset on to a credible buyer with a strong investment track record.”

Trish Barrigan, Senior Partner at Benson Elliot, said:
“This transaction has been a great success for Benson Elliot and we’re pleased to have had the opportunity to work alongside Algonquin and use our combined hotel expertise and asset management capabilities to create a quality product. We look forward to continuing our relationship with Algonquin on similar opportunities across Europe.”

Jean-Philippe Chomette, Founder & CEO at Algonquin, said:
“With the sale of this hotel to a reputable owner, we successfully close a very exciting step in our European ventures – unlocking value in a solid asset which has been a great success for our teams. It also seals five years of excellent cooperation with our partner Benson Elliot, and we look forward to new opportunities to build our relationship further in the near future.”

Novotel Edinburgh Park opened in mid-2008, and was purpose built to meet the standards of the new generation 4-star Novotel brand. The hotel comprises 170 rooms, a restaurant, meeting rooms and a leisure facility (including a swimming pool). The hotel is set within Edinburgh Park, one of the UK’s premier office business parks. Edinburgh Park is located near Edinburgh Airport and the city bypass, and provides office accommodation to over 9,000 employees and many of the UK’s leading companies.

CBRE was the exclusive agent on the transaction.

ENDS

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April 22, 2015 Benson Elliot reels in 60,000 sq ft of regional office lettings Benson Elliot, the UK-based private equity real estate fund manager, has inked over 60,000 sq ft of leases in its portfolio of prime regional offices during a busy first quarter of 2015.

In Manchester, Benson Elliot let 17,000 sq ft across two floors at 55 Princess Street to international law firm Trowers & Hamlins. 55 Princess Street offers 51,700 sq ft of grade A office space in central Manchester, arranged over six floors, along with 4,100 sq ft of ground floor retail space. Trowers & Hamlins has taken a 10 year lease and will join other tenants in the building including fellow law firm, Slater and Gordon and Tesco. The Trowers & Hamlins letting increases occupancy at 55 Princess Street to 77%. Since its acquisition of the building in September 2013, Benson Elliot has overseen the refurbishment of the reception and common areas, and upgraded vacant space, bringing the building into line with expectations of leading tenants in the market.

Other regional lettings include 36,200 sq ft at 10 Templeback in Bristol (13,000 sq ft to Blue Speck Financial and 10,400 sq ft to Mott MacDonald), and 8,600 sq ft of space let to Colliers at 11 Brindleyplace in Birmingham. This flurry of letting activity reflects a recovery in regional office demand, particularly for grade A space in major markets, and Benson Elliot’s hands-on, dynamic approach to managing its office investments.

James Jakeman, Principal at Benson Elliot, commented: “The return of the regional office rental market is obviously good news for Benson Elliot’s investors, and validates the regional investment strategy we’ve been deploying in the UK in recent years. When we bought 55 Princess Street, we had a conviction view that economic growth spreading outwards from London would reward us for taking some carefully calibrated letting risk in markets with limited availability of grade A office stock. We think this recovery has further to run, and expect to see further letting successes as the year progresses.”

ENDS

For further information:

FTI Consulting
Dido Laurimore / Claire Turvey
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com
+44(0) 20 37271000

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April 8, 2015 Benson Elliot extends UK regional office programme to Glasgow with St Vincent Street acquisition Benson Elliot, the UK-based private equity real estate fund manager, has acquired 150 St. Vincent Street in Glasgow in an off-market transaction from UK institution F&C REIT. The acquisition extends Benson Elliot’s sizeable and successful UK regional office investment strategy, which has seen the firm acquire properties in Birmingham, Bristol, Cambridge, Manchester, Milton Keynes and Reading over the past five years.

150 St. Vincent Street is a modern office building situated in the heart of Glasgow’s CBD. The building sits on a commanding site at the corner of St. Vincent Street and Wellington Street, and provides 71,400 square feet of accommodation over seven floors. Glasgow is the UK’s second largest office hub outside London – a strengthening regional market experiencing increasingly constrained grade A office availability.

150 St. Vincent Street was constructed in the late 1970’s by Scottish Amicable, and served as that financial institution’s headquarters until their acquisition by Prudential plc in 1997. Today the building is home to blue chip tenants such as Allianz, JLL, Monster.com and Irwin Mitchell.

James Jakeman, Principal at Benson Elliot, said:
“We’re ongoing supporters of the UK regional investment story and, as such, 150 St. Vincent Street represents an exciting opportunity for us. We expect a focused capital investment programme, on the back of limited quality supply and significant growth in tenant demand, will enable us to deliver strong income improvement at the property.”

St. Vincent Street is situated within five minutes’ walk of Glasgow Central Station. The area is popular with large corporate occupiers, with AON, RBS, Standard Life, KPMG and Barclays, all located in the immediate vicinity. Buchanan Street, the UK’s busiest retail street outside London, lies just a few blocks east of the building, with the new Apple Store anchoring Buchanan Street’s intersection with St. Vincent Street.

ENDS

For further information:

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

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April 1, 2015 Benson Elliot acquires two Berlin landmarks in sale and leaseback transaction Benson Elliot, the UK-based private equity real estate fund manager, has closed on the acquisition of two office properties in central Berlin from Berliner Volksbank eG. The transaction involves the acquisition, lease-back and subsequent refurbishment of two prominent buildings, which are located at Budapester Straβe 35 and Kurfürstenstraβe 87 in Berlin’s City West. Total value of the transaction, post-redevelopment, is expected to be c. €100 million.

The sale by Berliner Volksbank eG, the sole occupier in both buildings, anticipates a future consolidation by the bank into a single headquarters.

The key details of the assets are as follows:

• Budapester Straβe 35 is a nine storey office building fronting the popular Olof-Palme-Platz in central Berlin. Constructed in 1985 as the headquarters of Berliner Volksbank, the building comprises 9,548 sqm of net lettable area overlooking Berlin’s Tiergarten. Its distinctive circular structure, framed by a glass and red brick façade, contributes to its visual prominence. In addition to the bank’s offices, the building also houses the Berliner Volksbank Art Forum (Kunstforum der Berliner Volksbank).

• Kurfürstenstraße 87 is an eight storey, 6,192 sqm office building situated at the corner of Kurfürstenstraße and Burggrafenstraße. Constructed in 1929 as the headquarters of Lenz & Co (“Lenz-Haus”), the building – which features a listed shell limestone façade – was designed by famed German architect Heinrich Straumer. Straumer, who also designed the iconic Berlin Radio Tower, was a student of Paul Wallot, designer of the Berlin Reichstag. Kurfürstenstraße 87 was extensively refurbished in 2002.

Both properties are situated within 200 metres of Berlin’s premier retail boulevards of Kurfürstendamm and Tauentzienstraße.

Following acquisition, the buildings will be leased back to Berliner Volksbank eG, during which time the Joint Venture will finalise refurbishment plans and tender construction works.

Marc Mogull, Benson Elliot Managing Partner, said:
“Since entering the market in 2010, Benson Elliot has been steadily expanding its presence in Berlin. We have a positive outlook on the market, and are pleased to have secured control of these two well-known Berlin office properties. Having worked closely with Berliner Volksbank to structure an acquisition that meets their financial and occupational needs, we look forward to maintaining that relationship as the bank navigates its eventual relocation. Thereafter, we will work with our partners, Klingsöhr Projektentwicklung and Rockstone Real Estate, to return these buildings to prominence, creating a modern space worthy of this important location.”

ENDS

For further information:

FTI Consulting
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000
Dido.laurimore@fticonsulting.com
Claire.turvey@fticonsulting.com

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