Warburg-HIH Invest Real Estate (Warburg-HIH Invest) has purchased the office building "ELEMENT B" in central Berlin for its special real estate fund. Built in 1992, the building offers 6,126 sqm rental space as well as 69 garage parking spaces and is currently being extensively modernized by the seller QUEST Investment Partners. The parties agreed not to disclose the purchase price.
The property at Brunnenstrasse 128 is characterized by a well-diversified tenant structure with a comparatively long residual term of 8.2 years for the average leasing contract. Anchor tenant is Liefery, a company belonging to the Hermes Logistic Group. Further larger spaces are rented to the state-owned Berlin housing company degewo, to the human rights organization Terre des Femmes and to Deutsche Welle. Tenants also include Lovoo GmbH, Number Four AG and an office of tecis Finanzdienstleistungen AG.