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Barings, one of the world’s largest diversified real estate investment managers, announces that it has provided a €240.3 million floating rate senior loan to Mikare Group, the German investment company, to finance the construction of a 45,000 sqm mixed use scheme in Berlin.
The 36-month loan will fund the construction of two high specification, predominantly residential towers, one standing at 96 metres and the other at 86 metres. The towers comprise 179 for-sale residential apartments; 201 build to rent units; 80 serviced apartments; c. 6,600 sqm of office space and c. 2,100 sqm of retail. 43% of the apartments for sale have already been pre-sold or reserved with the project expected to complete in Q3 2022.
The scheme is located in central Berlin, close to the River Spree and key transport hubs, including the major interchange at Berlin Ostbahnhof. Other nearby amenities include the East Side shopping mall, the Mercedes-Benz events arena, the famous Oberbaumbrucke Bridge and remnants of the historic Berlin Wall.
Source : Barings