Allianz and Quest Investment Partners have formed a 50:50 joint venture to acquire Focus Teleport, a fully leased office complex in the centre of Berlin, which will be expanded over time as part of Allianz Real Estate's manage to core strategy.
Allianz Real Estate acquired the building on behalf of several Allianz insurance companies as part of its second partnership with QUEST Investment Partners, a Hamburg-based real estate project development and investment company. Last year in July both companies already worked together to purchase the Überseehaus, an 11,300 sqm office and commercial building in Hamburg.
Focus Teleport, located at Berlin's office hub Alt-Moabit on the River Spree, offers an area of almost 30,000 sqm. The complex comprises nine partly interconnected buildings which are rented to various institutions and companies, among them leading technology and media companies and public institutions.
Berlin's office market has advanced accordingly to Berlin's key role in the German and European economy. In 2018, Berlin was ranked 4th in the Cities That Work Investment Report of Allianz Real Estate in terms of core strategies and 9th in terms of value-added investments.