Zurich invests in major Berlin project
Zurich Group Germany has secured two major projects in Berlin. In a joint venture, the LIP Group and the ABG Group have sold two properties at Humboldthafen in Berlin-Mitte to the insurer.
Zurich invests in Berlin's Humboldthafen (visualizations © Hadi Teherani Architects)
The construction sites H3 and H4 are located in the immediate vicinity of the main station at the historic Humboldthafen and will be overbuilt by the sellers with residential and commercial buildings over the next two years, according to a design by Hadi Teherani Architects fromHamburg.
In a prime location directly on the waterfront and opposite the government district, a total of around 43,000 sqm of gross floor area (GFA) will be built. In detail, this includes around 190 rental apartments, 9,200 sqm of office space and around 5,600 sqm of retail and restaurant space, some of which has already been leased. Furthermore, there are 170 underground parking spaces.
The sale of the mixed-use projects to Zurich Group Germany is so far considered one of the largest single investment deals of the year in the Berlin real estate market. The brokerage house BNP accompanied the sale. The sellers were advised on the transaction by LathamWatkins Attorneys and ALR Auditors, the buyer by Luther Attorneys and Clifford Chance. The parties agreed not to disclose the purchase price.
"As an insurer, we are very interested in investment properties that are characterized by a particular structural quality in a premium location and a corresponding expected return. These criteria are excellently met by the residential and commercial buildings at Humboldthafen in Berlin," says Dr. Michael Leinwand, Chief Investment Officer of Zurich Group Germany. (ah)
