Benson Elliot makes early exit in Berlin

Benson Elliot Real Estate Partners IV acquired Kurfürstenstraße 87, an eight storey, 6,192 sqm office building, in March 2015, alongside a second Berlin property, Budapester Straβe 35. The two buildings were acquired in joint venture with Klingsöhr Projektentwicklung and Rockstone Real Estate, in a sale leaseback transaction with Berliner Volksbank eG.

Kurfürstenstraße 87 has been sold at a 4.0% rental yield to a fund backed by a German professional pension scheme, advised by Cornerstone Real Estate Advisors. The sale will deliver BEREP IV a 2.4x multiple on its investment.

Constructed in 1929 as the headquarters of Lenz & Co (“Lenz-Haus”), the listed building – which features a shell limestone façade and entrance lobby – 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. The property was extensively refurbished in 2002 by Berliner Volksbank.

Marc Mogull, Benson Elliot Managing Partner, said:
“We stock-pick our investments for growth, but we need to be nimble enough to shift strategy when opportunity comes knocking. At the end of the day we’re performance driven, not AUM driven. This disposal will enable us to make an early distribution to investors, and to recycle the profits into other opportunities.”

ENDS

For further information:

Benson Elliot
Marc Mogull, Managing 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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