Victoria Properties acquires residential and office property in Berlin

Victoria Properties has acquired a centrally located Berlin property at a purchase price of approximately €9.5 million. The acquisition contains both residential and office units and covers an area of 4,312 m² plus an underground parking lot. Expected triple net yield is 5.48%.

The property is located in one of the most attractive and sought-after areas in Berlin, namely Charlottenburg-Wilmersdorf – the street running parallel to the most attractive part of the famous street of Kurfürstendamm, and in close vicinity of the Adenauer Platz and the Olivaer Platz. The area is one of the most attractive locations in Berlin with rents and incomes above average.

Victoria Properties’ investment strategy for 2008 focuses primarily on real estate investments in the seven major cities in the Western part of Germany, including Berlin. Investments are carried out as direct investments (owned 100% by Victoria Properties) and in the form of joint ventures with external investors where Victoria Properties acts as Fund & Asset Manager of the investments. With this acquisition, the total asset value of the portfolio of Victoria Properties is DKK 1.749 billion (€234.5 million)

Source: Europe Real Estate