Hines Acquires 650 KSF Berlin Office Campus
ByHines has taken a big bite out of Germany’s office market with the acquisition of Allianz Campus Berlin, an office project to be predominantly occupied by Allianz Deutschland AG. Acting on behalf of a Korean real estate fund managed by Vestas Investment Management, Hines purchased the 650,000-square-foot office complex in a share deal forward funding transaction from Corpus Sireo Real Estate, the German real estate arm of Swiss Life Asset Managers.
Allianz Campus Berlin is being developed by Corpus Sireo, with FOM Real Estate GmbH onboard as general contractor. Schneider + Schumacher is the designer behind the project. “Allianz Campus Berlin will be the most modern and sustainable building in the best location of (science and media district) Berlin Adlershof,” Kai-Magnus Schulte, director of Hines Germany, said in a prepared statement. “For our investor, the acquisition of Allianz Campus Berlin represents a strategic decision.”….
