Off-market acquisition of the new-build construction project via forward deal
Office property of 13,500 square metres scheduled for completion by 2020
Berlin, 07 March 2019. The real estate investment and asset manager NAS Invest acquired the new-build construction project “Spreeturm” in Berlin within the framework of an off-market transaction. The property was sold by DWI Group in Hamburg.
Spreetum, a 20-storey office high-rise, is located inside the new Mediaspree urban quarter in the immediate vicinity of the Ostbahnhof railway station and the historic Postbahnhof mail railway terminal building. On a gross lettable area of about 13,500 square metres, the property will provide highly presentable office accommodation that will lend itself to flexible use, supplemented by restaurant units on the ground floor plus car parking spots and storage areas in the basement. The building is scheduled to be completed in the course of 2020. It is planned to obtain an LEED Gold certification for it.
Spreeturm will be the urban-planning landmark of the entire area. On a footprint of around 180 hectares in a downtown location on both banks of the River Spree between the Ostbahnhof station and Warschauer Strasse, a modern mixed purpose quarter is under development that will include the use types business, residential, gastronomy, retail and leisure. Resident companies of the Mediaspree quarter include BASF, Zalando, Daimler, Coca-Cola and Universal Music, among others.
“The off-market transaction demonstrates that we have the network and know-how it takes to handle large-scale landmark deals in the institutional context. The recently completed effort to reposition our group of companies plausibly continues our strategy of capital-intensive investments,” added Oliver Zimper, Co-CEO, CIO and Managing Partner of NAS Invest.
“The Spreeturm property is to feature a modern fit-out that will permit flexible use options. As it is located in one of the most popular micro-environments, it will fill a major gap in Berlin’s office real estate market. This is a market virtually swept clean while an enormous demand for high-quality office accommodation persists. Against the background of steadily rising prime rents, Spreeturm offers sustainable rental upside potential,” said Nikolai Dëus-von Homeyer, Co-CEO, COO and Managing Partner of NAS Invest.
The buyer was advised by Gleiss Lutz & Arcadis, whereas counsel to the seller side was provided by BNP Paribas Real Estate and Neuwerk Rechtsanwälte.