PGIM Real Estate has partnered with Signature Capital to acquire a portfolio of office properties in Berlin's Mitte and Kreuzberg districts, which includes redevelopment permission.
The Mitte based properties are former senior living residencies, which will be converted into office space. The Kreuzberg district is attracting startups and corporate tenants alike, according to details on the deal - although the value deal has not been disclosed.
The acquisition is the most recent in a series involving Signature Capital and PGIM RE
Enda Woods, co-founder of Signature Capital, said: "We are delighted to have made another successful acquisition in the exciting Berlin market. The properties are an ideal addition to our existing portfolio and offer an attractive value-add opportunity. The continuing tenant demand and shortage of space in the Berlin office space market re-enforces our current acquisitions strategy."
Andrew Macland, head of European debt at PGIM Real Estate, said: "The investment provided by our European value-add debt strategy for this successful acquisition demonstrates our commitment to capitalise on the strong economics and employment growth in Berlin and other German office markets on behalf of our investors."