The project partners BEOS AG and Convalor jointly have acquired a built-up site of approx. 4,700 sqm in the “Kaiserin-Augusta-Allee“ in Berlin. It is planned to enhance the rented commercial building, beginning from 2017, by extending it by another areas and re-renting almost half of the existing spaces after the implementation of improvements. The object was built in 1968 and sporadically modernized between 1984-1992. It impresses with a good building fabric and a versatile area structure with mixed uses, currently divided into approx. 76% office facilities, 15% storage / production spaces and 9% retail spaces as well as a parking deck with 78 parking lots. The area is located within close proximity of the city.
The under-rent of the office facilities at the time of the acquisition as well as the mix of short-term rentals and high-rated major tenants with long-term leases offer a high potential for increased value as part of the new lettings on the one hand, on the other hand also a long-term existing cash flow stability.
After the development of 3 years the property shall have about 9,800 sqm of rental space.