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PAMERA sells in Berlin and Dusseldorf

Munich, 8 December 2017 – The real estate multi-family office PAMERA Real Estate Partners (PAMERA) has sold a mixed-use property in Berlin-Mitte to a Canadian investor. The property, with a total lettable area of around 5,200 square metres, realised 21 million Euro. Active asset management since it was acquired in autumn 2014 generated a significant increase in the office rents, while the average unexpired term of the office leases has been raised to almost five years. The successful sale in only three years has considerably exceeded the targets set at when the asset was purchased.

In a second transaction, an office and technical building in Dusseldorf-Oberbilk has been sold in tender process conducted by Savills. Acquired as a joint venture with E.T. MYER Immobilien at the end of 2015, the property has a lettable area of around 5,000 square metres. The purchaser is the SIGNA subsidiary "SIGNA Urban Living". Together with HPP Architects, PAMERA and E. T. MYER developed several planning concepts for a full refurbishment. These would enable conversion to ca. 120 apartments, for occupation as a hotel, boarding house or student accommodation. SIGNA preferred the development of student apartments and aims to implement the project in 2018. The parties have agreed not to disclose the sale price.

Object Berlin (Photocredit: Pamera)