Benson Elliot and KauriCAB bought eight plots, totaling roughly 25,000 sqm, at Berlin’s Europacity urban development from CA Immo. The price of the deal was not disclosed. The buyers plan to build 490 rental apartments on the land as well as a mix of shops, restaurants and cafes. The scheme also includes offices and a daycare center. Construction is slated to start at the end of 2016, with the first set of apartments ready for move-in by 2018.
“We are delighted to be able to make a contribution to sustainable urban development with this project in Europacity. The acquisition of these centrally located sites offers Benson Elliot a unique opportunity to build high-quality apartments in the center of Berlin,” said Philipp Braschel, partner at Benson Elliot Capital Management. “Following on from our acquisition of the head office of Berliner Volksbank eG in the City-West district in the spring of 2015, this purchase underlines our continuing serious interest in the Berlin investment market.”
