Peakside adds Mixed Use Berlin Asset to Fund Portfolio

Posted on 13 October, 2015 by Cliff Goodwin

Specialist European real estate private equity firm, Peakside Capital, has acquired a mixed-use property in Berlin for an undisclosed sum. The purchase, on behalf of its Peakside Real Estate Fund II (PREF II), is its first asset in the German capital.

Peakside adds Mixed Use Berlin Asset to Fund Portfolio

Alongside the acquisition — the third by the fund — Peakside also confirmed it has now closed PREF II after its raised around €140m (£104m). The vehicle now has up to €400m (£298m) at its disposal to invest, mainly in Germany.

PREF II has already profitably sold its first two investments with the sale of Square 41 in Mainzer Landstrasse, in Frankfurt, and Post-Palais in Arnulfstrasse, Munich.

The fund’s latest acquisition is a 366,000 sq ft mixed-use asset within Berlin’s popular northern district of Prenzlauerberg. Providing office, retail and leisure space to a variety of occupiers, the property is currently 93 per cent let and benefits from good transport links with the S-Bahn and the bus station nearby

“As demand continues to grow in this increasingly popular part of Berlin, opportunities to secure core and value-add assets are becoming more difficult to find,” explained Boris Schran, a managing partner and head of acquisitions and origination at Peakside Capital.

“By using our on-the-ground teams, we have sourced the perfect opportunity to produce not only value, but long term income streams for our clients and investors, due to the attractiveness of the building’s location.”

Following its wider value-add strategy, Peakside now aims to upgrade and reposition the retail element of the asset through active management.

Stefan Aumann is head of the firm’s asset management team: “This acquisition represents a great opportunity to deliver a high profile project in this highly desirable location, thereby adding to our strong portfolio of good quality German investments,” he said.

“As we continue to acquire on behalf of PREF II, our focus will be on identifying investments which display a clear opportunity to create value for our investors and produce attractive returns.”

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