PGIM Real Estate has acquired an office building in Berlin’s central business district for an undisclosed price.
Located in Berlin City West, the property bought from PPF Group has 24,500 sqm over nine floors available to let and boasts two underground car park levels.
Dominik Brambring, head of transactions for Germany and the Netherlands at PGIM Real Estate, said: “Berlin is a real estate market with significant growth potential. It continues to gain recognition from national and international companies, driving high demand for adequate office spaces, which is offset by a relatively low supply.”
The office building has a 91% occupancy rate and tenants include Union Investment and the Institute for Quality Assurance and Transparency in Health Care.
It is the latest in a series of acquisitions made by the firm in the German capital. In December last year, PGIM Real Estate also partnered with Dublin-headquartered Signature Capital to buy an office portfolio.
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