The residential and commercial property company Peach Property Group has completed the sale of Am Zirkus 1 scheme in central Berlin along the Spree river. The deal would see the project made part of the special property fund of KanAm Grund Group was notarised in 2014. Situated on a 11,000 sqm plot, the investment comprises 5,000 sqm of office space and a 4-star, 309-room hotel operated by the Fattal Group under the Leonardo brand. The biggest office tenant is Roland Berger Strategy Consultants. The deal should create a cash return of CHF 13 million for Peach Property Group. Tylor Wessing and CBRE advised the vendor during transaction.
“The sale of this major project marks yet another step in the implementation of our strategy. We are completing a high-volume project development, reducing the share of this business segment. We will be using the funds gained from this transaction for the continued development of our existing investment properties and for the acquisition of new investment properties. Furthermore, we are reducing our liabilities, thus improving our financial structure,” said Thomas Wolfensberger, CEO of Peach Property Group.
