Le mie ricette per la real estate communityThe Luxembourg asset and investment specialist REInvest Asset Management S.A. has completed its CoFactory Berlin Mitte construction project in cooperation with Profi-Partner AG. The property is fully leased to long-term tenants. Eighteen months ago the purchase price was around 33 million euros.
CoFactory Berlin Mitte was acquired as a project in November 2017 for the DRED fund, which invests in German office properties. The fund was set up as a special investment fund SICAV-FIS under Luxembourg law for a major German insurance company.
The office building is located in Genthiner Straße 32-34 in the Tiergarten part of the Berlin-Mitte district. In total the building comprises with its basement, ground floor and six upper floors roughly 6,100 square metres of rental space, as well as 25 underground parking spaces. It is energetically optimised and leased on a long-term basis to Titel Media and Sennder Logistik.
CoFactory Berlin-Mitte is located in the Lützow quarter. This has seen particularly dynamic development over recent years. It benefits from its central location between City East and City West in the historic heart of Berlin.
The population of Berlin grew by around 270,000 inhabitants from 2012 to 2018 alone. Economic growth was 3.1 per cent in 2018, the highest rate of all federal states in Germany. The vacancy rate for commercial properties has been falling steadily since 2008 and is expected to drop to 1.5 per cent during 2019.
Source : Company