pbb has provided GEG Group EUR 170 mn for the purchase of the "Pressehaus am Alexanderplatz" in Berlin. The building is the listed former press high-rise of the Berlin publishing house in Karl-Liebknecht-Strasse 29 and the planned new building "New Podium".
The ensemble was built in the 1970s and consists of a 16-storey high-rise with around 24,200 m² of rental space and a two-storey flat building, the "Pressecafé". The planned new building consists of seven storeys and will offer around 10,000 m² of rental space. The high-rise will be ready for occupancy this year and the new building should be ready for occupancy in 2021. With the exception of the ground floor and office space on the 1st floor, the former publishing house has been let on a long-term basis and the first floor spaces have already been handed over. The "podium" is also almost completely let in advance and on a long-term basis.
GEG German Estate AG with offices in Frankfurt - with which pbb has already concluded several financing transactions - is one of the leading German investment and asset management platforms in the commercial real estate sector.
Gerhard Meitinger, Head of Real Estate Finance Germany, said: "The planned new development means an effective and attractive redensification of the property. The very good and sustainable lettability enhances the overall value of the location".
Media contacts:
Walter Allwicher, +49 89 2880-28787, walter.allwicher@pfandbriefbank.com
Nina Lux, +49 89 2880-11496, nina.lux@pfandbriefbank.com