Warburg-HIH Invest Acquires Compre­hen­sively Revitalised Office Building “ELEMENT B” in Berlin-Mitte from QUEST Investment Partners

Warburg-HIH Invest Acquires Compre­hen­sively Revitalised Office Building “ELEMENT B” in Berlin-Mitte from QUEST Investment Partners 150 150 QUEST Investment Partners

Warburg-HIH Invest Acquires Compre­hen­sively Revitalised Office Building “ELEMENT B” in Berlin-Mitte from QUEST Investment Partners

Hamburg / Berlin, 31 July 2019 – Warburg-HIH Invest Real Estate (Warburg-HIH Invest) just acquired the “ELEMENT B” office scheme in Berlin-Mitte for an insti­tu­tional real estate fund it manages. Raised in 1992, the building offers a total of 6,126 square metres in lettable area plus 69 under­ground parking spots. At the moment, the property is under­going a compre­hensive upgrade by seller QUEST Investment Partners. It was agreed not to disclose the selling price.

  • Attractive downtown location
  • 6,126 square metres of lettable area
  • Well-diver­sified tenant mix

The property at Brunnen­strasse 128 is charac­terised by a well-diver­sified tenant structure with a compar­a­tively long average remaining lease term of 8.2 years. Anchor tenant is the company Liefery, which is part of the Hermes Logistics Group. Other large units are occupied by the housing company degewo, which is owned by the State of Berlin, by the human rights organ­i­sation Terre des Femmes and by the Deutsche Welle broad­casting system. The tenant community also includes Lovoo GmbH, Number Four AG and a branch office of tecis Finanz­di­en­stleis­tungen AG.

Due to its location directly on Brunnen­strasse, the “ELEMENT B” scheme has superb access to Berlin’s road and rail networks. The nearest under­ground stop lies within very easy walking distance. Important transport hubs with the option to change trains, including Alexan­der­platz, the Berlin-Gesund­brunnen railway station and Berlin’s central railway station, are a short ride away via under­ground or tram while several bus stops are also located in the vicinity.

In conjunction with the moderni­sation and revital­i­sation measures under­taken by the seller, the façade was given an entirely new design, and was fully replaced on the ground floor. The alter­ations created a completely new entrance area, a new roof terrace and a glass pavilion with additional rental units in the inner courtyard. Moreover, the completed refur­bishment permits multiple lettings of the floors and thus a much more flexible use of the building.

“The ‘ELEMENT B’ scheme combines the qualities of a revitalised modern office building with an excellent location in downtown Berlin. The building therefore meets the require­ments profile of young creative media outfits from the IT sector or the new media industry above all while simul­ta­ne­ously appealing to classic office tenants such as estab­lished companies or organ­i­sa­tions,” elabo­rated Hans-Joachim Lehmann, Managing Director of Warburg-HIH Invest. “Located in the vicinity are trendy neigh­bour­hoods in Prenzlauer Berg, along Kastanien­allee and around Hackescher Markt, making it safe to expect sustained tenant demand.”

“With the struc­tural alter­ations under­taken while ensuring uninter­rupted occupancy throughout, we managed to implement a high design quality and to create loft-like modern floor plan struc­tures. Moreover, the tenant mix and the cooper­ation with the incumbent tenants before and during the construction phase reflect a successful asset management strategy,” Arne Siemens, Head of Branch Berlin of QUEST Investment Partners, was pleased to say.

About Warburg-HIH Invest
Warburg-HIH Invest Real Estate (Warburg-HIH Invest) is an independent pan-European investment manager for real estate with currently 8.8 billion euros worth of assets under management. Over the past 15 years, the company has positioned itself as specialist for pan-European real estate invest­ments. Around 150 insti­tu­tional clients have entrusted their capital to Warburg-HIH Invest – for the acqui­sition of real estate and its addition to the requested fund solution.
More infor­mation can be found on the company’s website at: www.warburg-hih.com/en

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 of major German cities. 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

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