QUEST acquires the Lenzhaus from Barings

QUEST acquires the Lenzhaus from Barings 150 150 QUEST Investment Partners

QUEST acquires the Lenzhaus from Barings

Hamburg, 18 January 2018. QUEST Investment Partners has acquired the Lenzhaus at Kurfürsten­straße 87 in Berlin from Barings Real Estate Advisers, making this its second acqui­sition in Berlin. After securing the first property on Brunnen­straße last autumn, QUEST’s Berlin project portfolio has thus been enriched by a prominent building with Berlin history.

With its eight storeys, the Lenzhaus, built in 1928-29 by the architect Heinrich Straumer, is considered one of the first office high-rises in Berlin. In addition to its history, the building also features a listed façade and a historical staircase. The Lenzhaus is named after its first owner and user, the construction group Lenz & Co. It has already been home to the Berlin Regional Finance Office (Oberfi­nanzdi­rektion), the Berlin Property Allocation Office (Vermö­gen­szuord­nungsstelle) and the Berlin Federal Property Department (Bundesver­mö­gens­abteilung), as well as the Berliner Volksbank until spring 2018.

Barings Real Estate Advisers had purchased the property in 2015 for an individual fund of a German pension scheme, with the aim of letting it after the Berliner Volksbank moves out. “Meanwhile, the tremendous devel­opment of the market and the location, which we ourselves are influ­encing through our neigh­bouring project devel­opment ‘The Westlight – Berlin’, has led to a similarly positive devel­opment of the property value, which we have now realised through the sale,” says Nick Puschkasch, Managing Director at Barings Real Estate Advisers and Director of the Berlin branch.

The approx. 5,000 m² of office space can be rented out as individual storeys or in their entirety to a single tenant. “We are pleased to see that our Berlin activ­ities are making progress with the histor­i­cally signif­icant building that is Lenzhaus. With its attractive location and its potential for value creation, the property is a perfect match for our investment strategy,” says Jan-Rouven Künzel, Managing Partner at QUEST Investment Partners.

The consul­tancy firm Cushman & Wakefield acted as broker in the trans­action; Greenberg Traurig Germany LLP acted as legal adviser to the buyer whilst King & Spalding provided legal counsel to the seller.

About QUEST Investment Partners

QUEST Investment Partners is a real estate project devel­opment and investment company with offices in Hamburg and Berlin. QUEST focuses on invest­ments in commercial and residential properties with upside potential in top locations in Hamburg and Berlin. In retail devel­op­ments the focus is on good inner-city locations in German metro­politan regions. The QUEST team has extensive experience in the devel­opment of high-quality real estate projects and contin­u­ously aims at increasing the real estate values of its share­holders and investors. QUEST’s share­holders are the managing directors Theja Geyer and Jan Rouven Künzel as well as the investment holding company of the Hamburg entre­preneur Erck Rickmers who is invested in real estate, equity invest­ments and shipping. www.quest-investment.com

About Barings

Barings is a $300+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients. We build lasting partner­ships that leverage our distinctive expertise across tradi­tional and alter­native asset classes to deliver innov­ative solutions and excep­tional service. Part of MassMutual, Barings maintains a strong global presence with over 1,800 profes­sionals and offices in 16 countries. Learn more at www.barings.com

 

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