LONDON, 10-Mar-2016 — /EuropaWire/ — Schroder Real Estate has acquired the “Victoriastadt Lofts” office building in Berlin on behalf of a joint-venture between Immobilien Europa Direkt (IED), an investment vehicle of Zurich Investment Foundation managed by Schroders, and the Finnish pension fund Ilmarinen. The asset comprises more than 68,500 sq m of offices and storage, is fully income producing and located in an area which is expected to continue to grow.
The asset is located in Berlin-Friedrichshain in the Eastern part of Berlin, close to the neighbourhoods of Friedrichshain and the emerging TMT hub of Mediaspree, as well as Berlin’s “Ostkreuz” station – one of the capital’s busiest transport hubs.
The multi-tenant asset is let to predominantly public sector/government-related tenants, providing a secure, long-term cash-flow and an average lease term of 6.5 years. German state pension fund Deutsche Rentenversicherung is the anchor tenant together with Deutsche Post, market research and opinion polling company Forsa Institute and Rocket Internet.
Tony Smedley, Head of Continental European Investment, Schroder Real Estate said:
“This is a key strategic acquisition in an area of Berlin that we believe will continue to grow and develop in the next 5-10 years. Ostkreuz is a dynamic sub-market where new and improving infrastructure will reap long term benefits. We are delighted to have completed this acquisition on behalf of IED and our strategic partner, Ilmarinen, a valued institutional client of the firm”.
Immobilien Europa Direkt is an investment group of Zurich Investment Foundation. It provides investors with a diversified portfolio of commercial real estate in the main western European markets and is tailored to the needs and requirements of Swiss pension funds.
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Schroder Real Estate
Schroders has managed real estate funds since 1971 and currently has £13.1 billion* (€17.8 billion/ US$19.3 billion) of gross real estate assets under management as at 31 December 2015.
Most of the real estate funds referred to are unauthorised collective investment schemes as defined in the Financial Services and Markets Act 2000. Promotion of these funds is restricted and access to full information about these funds is only available to those exempt from the restriction.
For further information about Schroders’ real estate business visit www.schroders.com/realestate
*Real Estate AUM includes cross holdings in certain Schroder managed real estate funds.
Schroders is a global asset management company with £313.5 billion (€425.4 billion/US$462.1 billion) under management as at 31 December 2015. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
With one of the largest networks of offices of any dedicated asset management company, we operate from 38 offices in 28 countries across Europe, the Americas, Asia, Middle East and Africa. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.
Further information about Schroders can be found at www.schroders.com.
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SOURCE: Schroder Investment Management Limited