Benson Elliot acquires two Berlin landmarks in sale and leaseback transaction

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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