CBRE GLOBAL REAL ESTATE INCOME FUND Frankfurt - 21 September 2022 - CBRE Investment Management, on behalf of a fund sponsored by the firm, has acquired project Thaerstrasse, a 12,267 sq m residential scheme in Prenzlauer Berg, one of Berlin's most sought-after residential locations.
Project Thaerstrasse was completed in 2010 and comprises 133 residential units, as well as 106 car-parking spaces and 157 bicycle racks housed in an underground carpark, meeting the affordability and sustainability requirements of the strategy. Of its 133 units, 67 are let as PRS units, whilst 66 are let to Caritas Internationalis - one of Germany's largest charity organisations - as homes for senior citizens. In addition, Caritas Internationalis operates a small office space within the building, where residents can seek support for their day-to-day needs. Project Thaerstrasse also encompasses a play area, a retail unit and two children's nurseries.
The asset is located in Prenzlauer Berg in the Pankow district - Berlin's second largest district in terms of size, and largest district in terms of population. Prenzlauer Berg is extremely popular with young families, thanks to the high concentration of schools and children's nurseries in the area. Located close to the Alexanderplatz, Prenzlauer Berg is characterised by its historic architecture, fashionable bars and restaurants, as well as shopping and recreational facilities.
Marius Schöner, Head of EMEA Residential Operator Division at CBRE Investment Management, said: "This was an excellent opportunity to acquire a modern residential asset that aligns with the requirements of this particular residential strategy - to deliver affordable, good quality and sustainable rental homes whilst making a positive social impact. This scheme will provide affordable homes in a vibrant, sought-after central city location for key workers, senior citizens and middle income households in general."
Over the last decade, Berlin has strengthened its credentials as a young, dynamic and creative city, with a growing technology and start-up scene. Economic and population growth is expected to significantly outperform the national average in the next ten years, meaning that demand for affordable, residential rental assets will continue to outstrip supply for the foreseeable future.
CBRE Investment Management is a leading investor-operator in residential with €12.9 billion* residential assets under management and owns over 200 assets for the direct real estate division. The platform has a broad footprint across all major European residential markets and invests across a number of different investment strategies and programs including three residential specialised funds; All three strategies have an emphasis on making a positive social impact with two of the strategies specifically created to deliver good quality, sustainable and affordable rental homes.
CBRE IM was advised by Poellath & Partner (Legal), CBRE Building Consultancy (Technical) and EY (Tax). The deal was brokered by Engel & Völkers Commercial Berlin.
* The figures shown combine both direct and indirect investments and are intended to illustrate the asset management presence of CBRE Investment Management in the European residential sector.
Project Thaerstrasse was completed in 2010 and comprises 133 residential units, as well as 106 car-parking spaces and 157 bicycle racks housed in an underground carpark, meeting the affordability and sustainability requirements of the strategy. Of its 133 units, 67 are let as PRS units, whilst 66 are let to Caritas Internationalis - one of Germany's largest charity organisations - as homes for senior citizens. In addition, Caritas Internationalis operates a small office space within the building, where residents can seek support for their day-to-day needs. Project Thaerstrasse also encompasses a play area, a retail unit and two children's nurseries.
The asset is located in Prenzlauer Berg in the Pankow district - Berlin's second largest district in terms of size, and largest district in terms of population. Prenzlauer Berg is extremely popular with young families, thanks to the high concentration of schools and children's nurseries in the area. Located close to the Alexanderplatz, Prenzlauer Berg is characterised by its historic architecture, fashionable bars and restaurants, as well as shopping and recreational facilities.
Marius Schöner, Head of EMEA Residential Operator Division at CBRE Investment Management, said: "This was an excellent opportunity to acquire a modern residential asset that aligns with the requirements of this particular residential strategy - to deliver affordable, good quality and sustainable rental homes whilst making a positive social impact. This scheme will provide affordable homes in a vibrant, sought-after central city location for key workers, senior citizens and middle income households in general."
Over the last decade, Berlin has strengthened its credentials as a young, dynamic and creative city, with a growing technology and start-up scene. Economic and population growth is expected to significantly outperform the national average in the next ten years, meaning that demand for affordable, residential rental assets will continue to outstrip supply for the foreseeable future.
CBRE Investment Management is a leading investor-operator in residential with €12.9 billion* residential assets under management and owns over 200 assets for the direct real estate division. The platform has a broad footprint across all major European residential markets and invests across a number of different investment strategies and programs including three residential specialised funds; All three strategies have an emphasis on making a positive social impact with two of the strategies specifically created to deliver good quality, sustainable and affordable rental homes.
CBRE IM was advised by Poellath & Partner (Legal), CBRE Building Consultancy (Technical) and EY (Tax). The deal was brokered by Engel & Völkers Commercial Berlin.
* The figures shown combine both direct and indirect investments and are intended to illustrate the asset management presence of CBRE Investment Management in the European residential sector.
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CBRE Clarion Global Real Estate Income Fund published this content on 21 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 September 2022 09:09:06 UTC.
