Swiss Life and BVK buy in Berlin
Swiss Life and Bayerische Versorgungskammer BVK are acquiring the Zoom retail and office property in Berlin's City-West. The seller is Hines.
Hines developed the new building between Bahnhof Zoo and Kurfürstendamm in Berlin in a joint venture with a German pension fund. The mixed-use building with 16,500 sqm of floor space was completed in October 2018 and is currently leased at 90%, according to Hines.
The main tenant is the fashion chain Primark, which has leased almost 80% of the retail space of around 11,000 sqm. In addition, there are gastronomy concepts such as Burgermeister and Starbucks. The 5,500 sqm of office space is leased to various companies such as Engel & Völkers and a technology company.
The transaction is subject to antitrust approval. No details of the purchase price were given.
Swiss Life and BVK jointly acquired Zoom Berlin; Swiss Life's German subsidiary Corpus Sireo was appointed investment manager.
BNP Paribas and Lührmann acted as intermediaries, while legal advice was provided by P+P Pöllath+Partners and Taylor Wessing. (ah)
