QUEST Funds, together with Universal-Investment, has acquired four inner-city office properties in Berlin, Hamburg, Frankfurt and Munich as part of an investment for Bayerische Versorgungskammer (BVK). The property portfolio comprises some 25,000 m² and will be part of a fund managed by Universal-Investment with the title „Urban Office RE“. The properties are core/core-plus properties in central locations that were acquired by the QUEST Group in recent years and specifically developed to portfolio maturity. QUEST Funds acts as investment and asset manager of the portfolio.
Capstone Legal advised on the sale of the three properties in Berlin, Frankfurt and Munich:
The Berlin property is P88. Measuring 8,400 sqm, the property was built in 1965 and extensively renovated in 2010. It is fully let to the security company Securitas and the Bioscentia laboratory. The complex includes 101 parking spaces. The building at 88 Potsdamer Straße is only a few minutes‘ walk from Potsdamer Platz and the underground station Kurfürstenstraße.
In Frankfurt, the Hotel Hohenzollern Office right next to the central station is part of the portfolio. The office and commercial property was repositioned by QUEST’s project development division in recent years. The building, which is partly listed and dates back to 1910, offers 7,300 m² of total lettable space.
The property in Munich is Fritz, a QUEST project development. In the Ludwigsvorstadt district of Munich, the QUEST Group is revitalising the office and commercial building at Schillerstraße 23a, south of the central station, which was built in 1973. Completion is scheduled for early 2022. Following its modernisation and the addition of two full floors, the property will offer 4,500 m² of total lettable space and a new roof terrace. It will enter the BVK portfolio as part of a forward deal.
Link to the Juve article