12. Oktober 2015
Peakside acquires 34,600 sqm mixed use asset in Berlin, alongside final close of Peakside Real Estate II
Peakside Capital (“Peakside” / the “Company”), a specialist European real estate private equity firm, announces that, on behalf of Peakside Real Estate Fund II (“PREF II” or the “Fund”), it has acquired a, mixed-use asset in the Prenzlauerberg district of Berlin. The acquisition represents the third transaction on behalf of the Fund and its first in Berlin.
In addition to the acquisition, the Fund has completed its final close, raising ca. €140 million of capital committed to PREF II or its co-investments. The final close provides the Fund with total firepower of up to €400 million to invest in value-add and opportunistic transactions mainly in Germany, in line with its strategy.
PREF II has already profitably sold its first two investments with the sale of Square 41 in Mainzer Landstrasse in Frankfurt and Post-Palais in Arnulfstrasse in Munich.
This latest acquisition for the Fund is a 34,600 sqm mixed-use asset situated in a strong location within Berlin’s popular northern district of Prenzlauerberg, well positioned to benefit from good transport links, with the S-Bahn and the bus station located only moments away. Providing office, retail and leisure space to a variety of occupiers, the property is currently 93% let. Prenzlauerberg is in close proximity to Alexanderplatz and Mauerpark, alongside other popular tourist attractions.
As part of its wider value-add strategy, Peakside will look to upgrade and reposition the retail element of the asset through active asset management, thus capitalising on its central location.
Boris Schran, Managing Partner and Head of Acquisitions and Origination of Peakside Capital, commented:
“As demand continues to grow in this increasingly popular part of Berlin, opportunities to secure core and value-add assets are becoming more difficult to find. Through using our on-the-ground teams, we have sourced the perfect opportunity to produce not only value, but long term income streams for our clients and investors, due to the attractiveness of the building’s location.”
Stefan Aumann, Managing Partner and Head of Asset Management of Peakside Capital, added:
“This acquisition represents a great opportunity to deliver a high profile project in this highly desirable location, thereby adding to our strong portfolio of good quality German investments. As we continue to acquire on behalf of PREF II, our focus will be on identifying investments which display a clear opportunity to create value for our investors and produce attractive returns.”
For further information, please contact:
Dido Laurimore / Clare Glynn, FTI Consulting
Tel: +44 (0)20 3727 1000
Notes to editors:
Peakside Capital (Peakside) is a specialist European real estate private equity firm. Peakside is owned by its employees and was established) in September 2010. As of Q4 2014, Peakside managed investments across four different European countries, totalling over €1.4 billion in gross asset value.
Peakside provides fund management and investment advisory services for managed portfolios which include its four real estate funds and a significant number of separate investments:
- Peakside Real Estate Fund I (PREF I), a pan-European opportunistic fund with EUR 261 million of capital commitments, is focused on active asset management opportunities across Europe;
- Peakside Real Estate Fund II (PREF II), a opportunistic fund which is focused on active asset management opportunities in Germany;
- Polonia Property Fund I and Polonia Property Fund II, core funds with c. EUR 160 million of capital commitments, managed by Peakside Polonia Management (PPM), Peakside’s Polish subsidiary, which are focused on core and core plus opportunities across Central and Eastern Europe; and
- One separate managed account for a sovereign wealth fund.
With offices in Germany, Switzerland, Poland, Czech Republic, Luxembourg, and the Cayman Islands, Peakside currently employs more than 30 professionals. Peakside’s team has worked successfully together for a number of years, investing across a range of transactions, investing across asset classes ranging from direct single assets and portfolios to distressed debt and private equity investments in real estate operating companies. The firm’s management has a strong track record of delivering outstanding results across the sector.