The Frankfurt Real Estate Industry team advised CORESTATE Capital Group on the acquisition of Tempelhof Twins in Berlin, a first-class value-added office property with a total investment volume of around €86 million. The transaction will be structured as a joint venture between Metropolitan Real Estate, the global real estate multi-manager arm of the Carlyle Group, and a fund of the Bluerock Group.
The office building located in the Tempelhof commercial district has a total rentable area of around 22,300 sqm with nearly 270 parking spaces. The current occupancy rate is 80 percent.
CORESTATE is a leading investment manager and co-investor over €26 billion in assets under management. Since the beginning of 2018 the company has acquired around €500 million of value-add properties in the German-speaking countries. CORESTATE employs more than 700 people at its headquarters in Luxembourg as well as in Frankfurt, London, Madrid, Singapore and Zurich, and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange.