Vienna investment banker snaps up residential and retail building in Berlin
Acting on behalf of a private equity fund based in Frankfurt, Winters & Hirsch has brokered the sale of a residential and retail building in Berlin’s Lichtenberg district to a private investor based in Vienna.
The prominent, five-storey corner building is situated on Dönhoffstraße in the sub-district of Karlshorst, close to Karlshorst S-Bahn station and the campus of the HTW University of Applied Sciences. One of the most sought-after residential addresses of Lichtenberg, the sub-district of Karlshorst is often regarded as the Dahlem of the East.
Originally built around 1900 and refurbished in 2009, the building has nine residential units with approx. 586 sqm of rental space as well as one commercial unit with approx. 180 sqm. The total rental space of the fully let building is approx. 766 sqm. The building comes with approx. 990 sqm of outdoor space.
The property was sold at a multiplier of 20.2 plus purchasing costs.
Winters & Hirsch had been instructed by the seller to market the property, and also advised the buyer on the transaction.
The seller was represented by the law firm of von Trott zu Solz Lammek. The purchase contract was notarised by notary Michael Ch. Bschorr of the law firm of Wollmann & Partner.
The parties have agreed not to disclose the purchase price.
For the managing director of Winters & Hirsch, Philipp C. Tabert, this sale to a foreign investor once more shows the upward trend on the Berlin investment market. “Owing to the shortage of buy-to-let properties in up-market inner-city locations, properties like this now sell within days. Investors are increasingly looking at Berlin’s periphery for investment opportunities”, said Tabert.