German Family Office extends portfolio in Berlin’s Bülow quarter
The investment experts of the Berlin real estate agency Winters & Hirsch have advised a well-known private investor from Berlin on a sales transaction involving a prominent residential and retail building on Steinmetzstraße in the capital’s Schöneberg area. The buyer was a Family Office from the German state of Baden-Württemberg.
The 1905 investment property underwent extensive refurbishment in 2007 with funds from the state of Berlin and Investitionsbank Berlin (IBB) under the Berlin urban development scheme.
The fully occupied building has 29 residential units on approx. 2,000 sqm and three commercial units on approx. 334 sqm of floor space. The outdoor space totals around 600 sqm.
The property on Steinmetzstraße sold at 14.7 times the net annual rent, which translates into a yield of 6.8 per cent per annum.
Bounded by Potsdamer Straße and Bülowbogen as well as Kleist Park and Potsdamer Platz, the Bülow quarter is among Schöneberg’s up-and-coming residential neighbourhoods.
Instructed by the seller to market the property as sole agent, Winters & Hirsch also advised the buyer on the transaction. Already the second sale brokered for the seller within six weeks, Winters & Hirsch was able to wrap up this latest deal within four weeks.
The Berlin law firm Schultz und Seldeneck, which specialises in real estate law, has notarised the purchase contract.
The parties have agreed not to disclose details of the purchase contract.