Allianz Real Estate has acquired its second βmanage-to-coreβ office asset in Germany in partnership with Quest Investment Partners.
The β¬63.5bn manager has formed a new 50:50 joint venture with Quest to buy the 30,000sqm Focus Teleport office complex in central Berlin for an undisclosed sum.
The duo first teamed up a year ago to buy the 11,300sqm Γberseehaus office and commercial building at Baumwall 5-7 in Hamburg.
Annette Kroeger, CEO of Allianz Real Estate for North and Central Europe, said: βWe are delighted to be expanding our exposure to the attractive and dynamic Berlin office sector through this manage to core opportunity.
βWe believe the market represents excellent, long-term value on a selected basis, with Focus Teleport an example of an in-demand asset with strong growth prospects.β
Jan Rouven KΓΌnzel, managing partner of Quest Investment Partners, said: βFocus Teleport represents a truly exciting opportunity to add significant value through strategic redevelopment, with substantial upside potential.
βWe are delighted to be working with Allianz Real Estate again and look forward to further expanding our joint partnership-oriented investment strategy.β
