Benson Elliot, the UK-based private equity real estate fund manager, acting on behalf of its pan-European fund Benson Elliot Real Estate Partners IV (“BEREP IV” or the “Fund”), has sold Budapester Straβe 35, the last asset in its Berlin office portfolio. The buyer was a US-based institution advised by Barings Real Estate Advisers GmbH (formerly Cornerstone Real Estate Advisors).
Benson Elliot led a consortium which acquired a five asset portfolio from Berliner Volksbank eG in March 2015. Budapester Straβe 35, the final asset in the portfolio owned by the Fund, is a nine storey office building prominently fronting Olof-Palme-Platz in Berlin’s City West sub-market. Constructed in 1985, and subsequently used as the headquarters of Berliner Volksbank, the building comprises 9,548 sqm of net lettable area overlooking Berlin’s Tiergarten. Since acquiring the building, in a joint venture with Rockstone Real Estate and Klingsöhr Projektentwicklung, Benson Elliot has submitted a building application for development of a 15 storey office high-rise on the site, allowing for the creation of a larger, more efficient building.
Philipp Braschel, Benson Elliot Partner and Head of Germany, said:
“We identified an early opportunity to crystallise the value we created in this well-located package of Berlin properties. The entire team has done an impressive job of defining and executing a business plan; we’re confident the new owners of Budapester Straβe will carry forward the work we’ve started, enhancing further the value of this landmark property.”
Benson Elliot closed BEREP IV, its third pan-European value-add fund, in June 2016. The Fund was oversubscribed, and has approximately €700 million of capital at its disposal. To date it has completed ten investments across six counties, and investors have already benefitted from four early realisations, which together have delivered an equity multiple above 2.5x.
For further information:
Philipp Braschel, Partner
+44 (0) 20 7808 8900
Dido Laurimore / Claire Turvey
+44 (0) 20 3727 1000