A fund advised by Meyer Bergman, the investment manager specialised in mixed-use, retail-led real estate, has sold to UBS Real Estate GmbH the Topas Arkade building on Friedrichstrasse, one of the longest shopping streets in central Berlin. The parties agreed not to disclose the purchase price for the high street property.
Meyer Bergman European Retail Partners III, which recently reached its final close in capital raising, acquired the 5,500 sq.m. block in the fourth quarter of 2016 following lengthy approval procedures for the vendor to cede ownership. The buiding’s ground level and some basement space are retail units while the upper four floors are in office use.
Henning Zimmermann, Vice President at Meyer Bergman, said: “UBS Real Estate GmbH approached us just as our business plan for the property was gaining momentum. We felt that it was in the best interest of the fund’s investors to accept the offer, which reflects the dynamics of the under-supplied office market in Berlin-Mitte and the location of the property on the prime retail stretch of Friedrichstrasse. As active investors in Germany, we continue to look for fresh value-add opportunities to put our fund’s capital to work.”