Westbrook Partners and Cornerstone Real Estate Advisers jointly acquire Vattenfall building in Berlin-Mitte
Apr 21, 2016
Berlin, 21 April 2016 – Westbrook Partners and Cornerstone Real Estate Advisers GmbH (Cornerstone Germany) have acquired the Vattenfall headquarters at Chausseestrasse 23, in Berlin-Mitte, in a joint venture, in which the management team of Cornerstone Germany is participating. The parties have agreed not to disclose the purchase price.
The vendor is Vattenfall GmbH, which has taken a lease of the entire building. Cornerstone Germany is taking over the asset management of the property.
The office building, built in a prominent corner location in 1998, features an impressive façade and two generously sized inner courtyards. The property provides a lettable area of c. 18,500 sq m as well as c. 100 underground car parking spaces. The property is located in a highly sought-after, up-and-coming area of Berlin-Mitte, close to several federal ministries and the central railway station. This metropolitan environment provides a lively cultural, residential, café/restaurant, office and retail offering.
Grossmann & Berger advised the vendor. Hogan Lovells acted as legal adviser to the purchasers. Berlin Hyp has financed the transaction.
Nick Puschkasch, branch manager of Cornerstone Germany's Eastern region, comments: "With this transaction, we have not only made an interesting investment in one of Berlin's fastest-developing areas but have also acquired a new client, Westbrook Partners, for Cornerstone Germany. We are delighted with this new collaboration."
Ruben Herrmann, Principal of Westbrook Partners, says: "We are very pleased to continue our investment activities in Germany with this further acquisition. Together with such a strong partner as Cornerstone, we are delighted to acquire this outstanding property in a very good location with Vattenfall as tenant."
Gunther Deutsch, Head of Investment Transactions Europe at Cornerstone, adds: "We are pleased to have successfully concluded this transaction with the team from Westbrook Partners and Vattenfall. We were able to work together to develop a lease structure that takes into account the requirements of both the tenant and the new owners of the property. This transaction marks our first acquisition of a single-tenant property in Germany. We plan to make further comparable investments in the future."
Gero Bergmann, member of the Management Board of Berlin Hyp, comments: "We have every confidence in the expertise and strategy of the joint venture between Cornerstone and Westbrook Partners and are pleased to be acting as financing partner."
About Westbrook Partners
Westbrook Partners, founded in April 1994, is a privately-owned fully integrated real estate investment company with global offices including New York, London, Munich, Paris and Tokyo. Westbrook has been among the most active investors, having raised and invested more than $16 billion of equity in over $50 billion of real estate transactions in major markets throughout the world since 1994. Westbrook is capitalized by US institutions and its current fund, Westbrook Real Estate Fund X, L.P., has approx. $2.85 billion of equity capital commitments
Cornerstone Real Estate Advisers Europe is a subsidiary of Cornerstone Real Estate Advisers LLC, of Hartford, Connecticut. With subsidiary and affiliate offices in the U.S., UK, Europe and Asia, Cornerstone Real Estate Advisers LLC is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including a comprehensive suite of private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. For more information, visit www.cornerstoneadvisers.com.
Since July 2014, Cornerstone Real Estate Advisers GmbH (“Cornerstone Germany”) has operated as the German platform of the global Cornerstone Real Estate Advisers group. The range of services offered by Cornerstone Germany includes active asset management, letting and transaction management for single assets or portfolios ranging from opportunistic to core for institutional investors and banks, as well as development of new and existing properties. Going forward, the creation of real estate investment products for German and foreign institutional investors will represent an increasingly important part of Cornerstone Germany’s business. Cornerstone Germany has offices in Berlin, Dusseldorf, Frankfurt, Hamburg and Munich.
About Berlin Hyp
Berlin Hyp specialises in large-volume real estate finance for professional investors and housing societies, for whom the Bank develops individual financing solutions. As an enterprise forming a Group together with the German savings banks, it also makes an extensive spectrum of products and services available to these institutions. Berlin Hyp’s clear focus, almost 150 years of experience and its close proximity to the Savings Banks Finance Group characterise the Bank as a leading German real estate and Pfandbrief bank.
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Gunther Deutsch Jochen Goetzelmann
Cornerstone Real Estate Advisers GmbH Targa Communications GmbH
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