Augsburg-based Patrizia has acquired a 90% stake in a €750 million residential development in Berlin’s Spandau district from funds managed by investment firm Castlelake.
Patrizia has bought the holding in the 125,000 sq m project, known as Carossa Quarter, on behalf of institutional clients.
Development partner, the Berlin-based investor Kauri CAB, which specialises in the creation of city quarters, has a 10% share in the scheme which it will retain.
The project, which is scheduled for completion in 2025, is located 3km north of Spandau railway station and will utilise a 10 hectare waterfront site. It will provide about 101,000 sq m of new residential space in 17 new buildings and four existing, listed buildings. The project will comprise 1,800 residential units of mainly traditional housing, but with some micro living, senior living, co-living and affordable housing.
New quarter will provide for a mix of uses
The design, which has involved six firms of architects, also incorporates 30,000 sq m of commercial space including 25,000 sq m of offices and retail and about 5,000 sq m of shared facilities. An existing 1940s listed office and retail property is part of the scheme and will be refurbished.
The shared facilties include co-working offices, guest rooms, fitness facilities, bike maintenance and repair rooms, a DIY workshop, package receipt and despatch desk, e-mobility facilities, kindergarten and a canoe rental facility.
The area has benefited from the closure of Tegel airport and is expected to have above-average population growth up until 2030. Additional employment will be provided by a new €600 million Siemens R&D campus being built in nearby Siemensstadt while the former airport will provide a new technology centre, the Urban Tech Republic.