Avignon Capital has added to its German portfolio with the acquisition of the Umspannwerk Prenzlauer Berg building in Berlin’s Prenzlauer Berg district.
The former electricity transformer station was converted into offices in 2010 and is currently split into five main areas, totalling 11,842 sq m (127,466 sq ft) of lettable office and event space. It is occupied by nine tenants, primarily in the technology start-ups industry.
The Ampere building is the sister building to the Umspannwerk Kreuzberg, which Avignon acquired early last year.
Since the acquisition of the Umspannwerk Kreuzberg last year, Avignon has repositioned it to attract tenants from Berlin’s TMT sector. Avignon will apply a similar asset management strategy to the Ampere building, with plans to rebrand the property, invest significant capital into improvements, lease out vacant space, and create a highly desirable work environment and sustainable community.
Clive Nichol, director of UK and European investment at Avignon Capital, said: “We are eager to start collaborating with the tenants and reaping the rewards of owning sister buildings in two of Berlin’s most creative locations. We have now reached our initial target of investing €100m into Berlin and intend to add to this in the coming months.”
The purchaser was advised by Savills Immobilien Beratungs and Berwin Leighton Paisner.