Berlin, Germany – Ivanhoé Cambridge has acquired Alte Post Quartier, a mixed-use inner-city project in Neukölln, a bustling borough in Berlin. The asset of over 16,000 m² comprises offices (the vast majority of which have already been fully renovated), new residential apartments (currently under construction) and services such as a restaurant, a gym and storage facilities. Commodus, co-investor in the transaction, will act as asset and development manager, overseeing the project.
In line with Ivanhoé Cambridge’s commitment to revitalize neighbourhoods and create unifying spaces where occupants can live, work and play, Alte Post Quartier is located in the centre of Berlin Neukölln, a fast-growing cosmopolitan area that has seen considerable development in recent years. The district is a popular choice for young executives, who appreciate its wide variety of housing, jobs, retail and leisure offerings in a vibrant and international neighbourhood. Alte Post Quartier’s flexible amenities should be attractive to the changing needs of tenants, whose preferences have altered significantly since the beginning of the pandemic.
The Alte Post Quartier complex consists of:
- An elegant heritage building of nearly 9,000 m² that originally hosted post offices, which was entirely renovated in 2019 and converted into modern workspaces suited to new uses, with high ceilings, comfortable common areas and several patios and roof top terraces. With the office space already fully let, the future usage mix will add a restaurant, a gym and storage facilities.
- An office complex of nearly 4,000 m², currently being renovated and already partly leased.
- A residential building of more than 4,000 m², which is in advanced stages of construction. Scheduled for completion in 2022, it will feature 76 apartments, including 15 wood-construction penthouses on the uppermost floors with large patios, offering high-end amenities. A substantial number of the apartments will be reserved for students and young professionals, contributing to the overall vitality of the district.
“With the acquisition of Alte Post Quartier in Berlin, we continue to reinforce our presence in Germany, one of the key markets for our growth in Europe. Developing and owning landmark mixed-use properties in prosperous and global cities within vibrant neighborhoods is a major component of Ivanhoé Cambridge’s strategy going forward,” says Karim Habra, Head of Europe & Asia-Pacific at Ivanhoé Cambridge.
“The acquisition of this top-quality project underpins our commitment to Berlin and we particularly seek to invest in areas such as Neukölln that is experiencing genuine urban renewal,” adds Christian Daumann, Head of Investments Germany at Ivanhoé Cambridge. “We are pleased with this transaction that combines stable income with significant opportunities for value creation, representative of our hands-on approach to investments.”
In this transaction Ivanhoé Cambridge was advised by Clifford Chance on legal matters, CBRE on valuation, KPMG on tax and accounting matters, and KVL on technical aspects.