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CBRE IM buys residential asset in Berlin’s Pankow district

CBRE Investment Management has acquired a 133-unit residential asset in the in the Pankow district of Berlin.

[Image: Engel & Völkers]

The 12,267 sq m Project Thaerstrasse, which was completed in 2010 also has 106 car-parking spaces and 157 bicycle racks in an underground car park, and was bought on behalf of a fund sponsored by CBRE Investment Management.

Part of the residential accommodation, 67 units, are for private rented sector letting , and a further 66 are let to Caritas Internationalis – one of Germany’s largest charity organisations – as homes for senior citizens. Caritas also has a small office space within the building. The asset also includes two children’s nurseries, a play area and a retail unit.

The asset is located in Prenzlauer Berg in the Pankow district which is Berlin’s second largest district in terms of size, and is the largest district in terms of population.

The deal was brokered by Engel & Völkers Commercial Berlin.