Peakside buys in Berlin
The fund manager Peakside Capital, based in Zug, acquires the "Forum Landsberger Allee" in Berlin-Prenzlauer Berg. This transaction is the third investment for Peakside Real Estate Fund II and the first in Berlin.
In addition to the transaction, fund raising for PREF II and co-investments was completed with a total of 140 million euros in capital commitments. This will allow the fund to invest up to €400 million in value-add and opportunistic transactions. According to the fund strategy, the focus of the investments will be in the German market.
The fund has already sold its two first investments, the office building "Square 41" in Mainzer Landstrasse in Frankfurt and the "Post-Galerie" in Munich's Arnulfstrasse, at a profit.
The latest acquisition for the fund is the 34,600 sqm mixed-use "Forum Landsberger Allee" in Berlin's popular Prenzlauer Berg district. The property has office, hotel and retail space and is currently 93 percent leased. The property is conveniently located at the intersection of Berlin's S-Bahn ring and the Stadtbahn with connections to Alexanderplatz. As part of a value-add strategy, Peakside intends to enhance and reposition the property and in particular the retail area through active asset management. (ah)
