Le mie ricette per la real estate communityGenerali Real Estate has completed the acquisition of a part of the prestigious Gloria retail and office building complex in Berlin, on behalf of the pan-European “Generali Core High Street Retail Fund” (GCHSR) fund managed by Generali Real Estate S.p.A SGR. The seller of the asset is CENTRUM Group, one of the leading high street developers in Germany.
Located in the heart of CBD City-West on Kurfürstendamm 13-15, the world-famous boulevard and number one shopping mile in Berlin, the acquired asset is composed of two buildings – a historical one and a modern one – for approximately 11,000 square meters of prime high street retail units and ultra-modern office spaces, which makes it a perfect combination of history and modernity. Originally built in 1894 by architect Franz Schwechten, the “Gründerzeit” building recently underwent a major refurbishment designed by Kahlfeldt Architekten, which restored its elegance and prominence. The new building was designed by the award-winning architects Ortner & Ortner Baukunst and has been completed in 2021. The current tenant mix includes, among others, M&M’s flagship store in Berlin (one of the six in the world), Hunkemöller; Satellite Office and Tristar GmbH.
The assets perfectly represent Generali Real Estate’s commitment to sustainability. Both buildings in the Gloria complex are characterized by high-level wellbeing standards for the occupants, with special attention to environmental aspects, such as green areas and A-rating in international energy performance standards.
The acquisition is fully in line with Generali Real Estate’s strategy of investing in prime office, high street retail and retail assets in the most important and resilient European cities such as Berlin and confirms the relevance of the German market in the company’s investment strategy.
Source : Company