Winters & Hirsch advises on sale of EDEKA market at SAPPHIRE to Centerscape

Centerscape has acquired the 13. property in the region. The latest acquisition, a retail unit on the ground floor of the SAPPHIRE in Chausseestraße, comes with a long-term lease contract with EDEKA, the food retailer.
The property was sold by a joint venture of the two Berlin property developers econcept and Minerva.
Winters & Hirsch has successfully advised on the sale.
The property is situated at Chausseestr. 43 / Schwartzkopffstr. 1 in Berlin’s Mitte district, opposite the new headquarters of the Federal Intelligence Service.
Completed in February 2017, the SAPPHIRE is of particular architectural importance for the Mitte district and Berlin. It is the first residential building in Germany designed by New York star architect Daniel Libeskind. The silver-bluish ceramic titanium facade and the asymmetric cubature are going to lend a whole new quality to the Chausseestraße area. A unique residential and retail building, the SAPPHIRE is an architecture landmark resembling the cutting and sparkle of a sapphire.
The new property has 73 condominiums, including penthouse apartments, as well as the retail unit on the ground floor with approx. 1,100 sqm sold by Winters & Hirsch. The basement parking garage holds 32 cars.
The parties have agreed not to disclose the purchase price.
Centerscape was advised on legal matters by Kanzlei Bissel + Partner, based in Erlangen.
Since being established in 2007, Centerscape has built an impressive real estate portfolio of 151 assets, including 13 in the Greater Berlin Area. The portfolio represents a total investment volume of currently around 620 mn euros. Centerscape’s dynamic and goal-oriented team of 61 in-house experts is focussing on the further growth of the company, acquiring upmarket retail properties in Germany, Poland, and the Czech Republic. Properties in prime retail locations and main traffic nodes, retail buildings and ground floor retail units occupied by fashion retailers, pharmacies, organic supermarkets, banks, gastronomy, etc. are all part of the company’s investment profile.