ILMARINEN INVESTS IN OFFICE AND HOTEL PROPERTY IN BERLIN
Ilmarinen has completed its first real estate investment in Germany by investing in an office and hotel property located in Berlin jointly with a French institutional investor. Ilmarinen has roughly a 50 per cent stake in the property.
The modern, high-end Königstadt Carree property, completed in 2011, is located centrally, close to Alexanderplatz, and offers excellent access to public transit.
The property has about a dozen tenants, the most notable of which is Mercedes Benz Bank. The property also houses the Ibis hotel operated by Accor Hotels.
“Solvent tenants and long-term rental agreements make this a profitable and secure investment,” says Portfolio Manager Mikko Antila.
The property consists of a 21-storey office tower and an 8-storey hotel building. The lettable area totals approximately 26,000 square metres.
Ilmarinen’s advisor in the investment, Schroder Real Estate, will also handle the asset management of the property.
“One of Europe’s most attractive real estate markets”
According to Mikko Antila, Berlin currently has one of the most attractive real estate markets in Europe.
“Berlin has established itself as the European hub for creative industries and digital economy. That makes the city very attractive to real estate investors, too.”
“In addition, the vacancy rates of office premises in the city have decreased steadily and rent levels have remained stable,” says Antila.
For further information, please contact:
Mikko Antila, Portfolio Manager, tel. +358 50 577 9066