Global investment manager Angelo Gordon and Kintyre have strengthened their partnership in Germany with a new redevelopment project in Berlin.
Angelo Gordon and the Frankfurt-based real estate investor have teamed up to buy Park Center Treptow, a 28,000sqm retail-centric property, with a plan to reposition the property as a mixed-use asset.
The latest deal is the second regeneration/redevelopment project that Angelo Gordon and Kintyre have acquired in Berlin together in the past 18 months.
Adam Pearce, co-founder and managing partner at Kintyre, said: 鈥淭his is a very exciting opportunity to transform this very well-known property into a modern mixed-use precinct.
鈥淭his acquisition forms part of Kintyre鈥檚 wider strategy of building a portfolio of well-located urban regeneration and 鈥楽tadtquartier鈥� development projects.鈥�
Marcel Hertig, director of Europe real estate at Angelo Gordon, said: 鈥淲e really like the immediate neighbourhood of Park Center with all of its hip bars, clubs and event spaces between Elsenbr眉cke and Oberbaumbr眉cke.
鈥淟ocated next to S-Bahn 鈥楾reptower Park鈥�, the asset has tremendous potential for creative ideas that we plan to unlock with our partner Kintyre.鈥�
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