20. Februar 2017
Forum Landsberger Allee reconfiguration delivers letting success
Peakside Capital is pleased to announce the signing of number of new leases at Forum Landsberger Allee, its 35,000 sqm mixed use office, retail, and hotel scheme located in the Prenzlauer Berg district in Berlin.
REWE, the German supermarket chain and DM, the cosmetics and healthcare chain have joined the Vienna House Easy hotel as new retail anchor tenants, following a programme of successful repositioning of the scheme which saw the 7,000 sqm retail element of the scheme reconfigured. The new lettings follow a comprehensive value-add and active asset management programme, including extensive technical upgrades, designed to enhance the scheme. These new lettings take the Forum Landsberger close to 100% let. Other tenants at the scheme include the Leonardo Hotel administration and the Berlin Kindergarten administration.
The 14,000 sqm 3-star-superior Vienna House Easy hotel, operated by Vienna International opened in October and provides 152 rooms. Vienna International also operates the 4-star-superior Andel’s Conference Hotel situated opposite and so, together with the Easy Hotel, it is in an ideal position to cater for local demand with a range of service offerings.
Peakside Capital acquired the “Forum Landsberger Allee” in August 2015 for its Peakside Real Estate Fund II (PREF II). Kintyre Investments supported Peakside in the repositioning of the retail element of the scheme whilst also investing through the acquisition of minority stake. Following the initial repositioning success, the scheme is set to benefit from a further 9-12 month refurbishment programme to create a more friendly and modern image including the modernisation and redesign of the façade, the extension of the retail space, opening of the store frontages and new external landscaped areas.
The Forum Landsberger Allee, together with the Andel’s Conference Hotel form the a gateway location to the city of Berlin due to its position adjacent to the Berlin’s Velodrom event venue and a Berlin S-Bahn and City Railway transport junction.
Boris Schran, Managing Partner at Peakside Capital, said: “Following other successful lease renewals with existing tenants, these new lettings take us close to 100 per cent occupancy. We are delighted that we could secure such high quality tenants on long leases in such a short period following the repositioning.”
For further Information:
Bockenheimer Landstrasse 47
DE – 60325 Frankfurt am Main
+49 (0)69 365 0636 73
Note to Editors
Peakside Capital is a specialist European Investment Manager, owned by its management. It manages real estate assets currently totalling over EUR 1 billion in gross asset value with a focus on CEE and Germany. The company has offices in Frankfurt, Munich, Warsaw, Prague and Luxemburg.
Peakside provides fund management and investment advisory services for managed portfolios that include its four real estate funds and a significant number of separate investments.
The investment strategies it pursues serve the individual requirements of its investors, and range from core to opportunistic across the office, residential, hotel and retail sectors.The investment spectrum comprises investments in single assets and portfolios through to distressed debt and investments in real estate operating companies.