German real estate investment manager Patrizia AG has bought a mixed-use office building and data center in Berlin, Germany.
The investment comprises a total lettable area of 5,700 sq m (61,300 sq ft) across a data center building and two office buildings including a recently refurbished loft office, newly built office property - as well as a ‘Remise’ currently under refurbishment. Together all spaces are 100 percent let.
“This is a micro-location we know very well having previously acquired properties in the immediate area and we are pleased to have secured another well-positioned asset in what is an improving Berlin submarket where value can still be found,” said Ulf Christiansen, Director of Transactions at Patrizia.
“This attractive, modernized property benefits from diversification of income due to its range of office tenants and data center, which ensures that we will be able to deliver robust returns to our investors.”
The facility is in Kreuzberg area of Berlin, which has become s a micro-hub for offices, attracting a significant number of tenants in the technology, media and telecom (TMT) sector.
Patrizia is more known for buying office spaces and warehouses than data centers. The company recently bought a residential tower development in London for €45 million (£40.3 million).