AXA IM Alts has completed the acquisition of Sellerstrasse 31, an office building in Berlin. Purchased from a leading pharmaceutical company in a sale and leaseback transaction, AXA IM Alts intends to undertake a significant repositioning of the building.
Constructed in 1992, the property is located at Sellerstrasse 31 in the south-east corner of one of Berlin’s leading research campuses. It provides 15,573 sqm of lettable space over seven floors, with a roof terrace offering panoramic views across Berlin. The building benefits from its proximity to the Reinickendorfer Strasse U-bahn station, which is located directly in front of the building.
Ulrike Haack, head of transactions Germany, AXA IM Alts, said: “This is a rare opportunity to acquire an income-producing building in one of Europe’s fastest growing submarkets. The short lease offers the potential to reposition the asset to deliver a modern, fit for purpose office building that will be a beneficiary of both the shortage of Grade-A stock as well the sub markets burgeoning position as research and innovation hub, which has been earmarked for significant private and public sector investment. Our local team has a track record of delivering successful asset management and development projects in recent years and we look forward to starting on this latest scheme.”
The transaction continues AXA IM Alts strategy of undertaking asset management initiatives in Germany on behalf of its value- add strategies. Following the acquisition of Elisenhof, a mixed-use, multi-tenant property in the city centre of Munich, AXA IM Alts has generated significant rental and capital growth through a considerable refurbishment and expansion of the retail offering and diversifying the tenant mix which completed in 2020. In June last year, AXA IM Alts launched the construction of The Mark, its flagship new office development in Munich, Germany, which will offer c. 55,000 sqm of office space spread across two buildings of up to eight storeys and centred around a landscaped forecourt and three courtyards. AXA IM Alts is also currently undertaking a repositioning and development of the Techno Campus, a landmark office complex in Berlin.
This post has originally been featured in Property Wire.