Corestate, a leading independent investment management company for real estate and related financing solutions, has sold a top property, the Deutsche Bahn AG operations center in Berlin, to DIC Asset AG, which will manage it in a special fund for third parties. The property was acquired in 1997 as part of a forward purchase and has since been managed very successfully by the Corestate subsidiary Hannover Leasing as the fund and asset manager for a public fund.
Frankfurt, 8 November 2021. Corestate, a leading independent investment management company for real estate and related financing solutions, has sold a top property, the Deutsche Bahn AG operations center in Berlin, to DIC Asset AG, which will manage it in a special fund for third parties. The property was acquired in 1997 as part of a forward purchase and has since been managed very successfully by the Corestate subsidiary Hannover Leasing as the fund and asset manager for a public fund.
“Our experience in asset management has enabled us to keep the office classic in top condition. The sales process clearly illustrates this, as we were able to achieve exceptionally good results for our investors in the current market environment,” said Michael Kitzing, the division manager of Asset Management at Hannover Leasing.
Sebastian Hartrott, Managing Director of Hannover Leasing, added: “We want to offer our customers value-creating investments and convince them with our consistent performance. Our excellent market access, a very selective choice of suitable properties and outstanding asset management make this possible, which is why investors also participate to a large extent in the sales success of this transaction.”
The building completed in 1998 is located not far from the city center in Berlin’s Pankow district and is fully leased to Deutsche Bahn on a long-term basis. It consists of two building sections and has a leasable area of 23,062 m² as well as 154 parking spaces. Deutsche Bahn uses the property, which is tailored to its needs, as its administrative headquarters and operations center. Not least due to extensive modernization work in the years 2017 to 2020, the building stands out due to its consistently high and contemporary quality.
The sale is currently still subject to a further shareholder resolution, after investors had already voted in favour of a sale in principle in May of this year. Hannover Leasing also conducted the sales process as part of a structured bidding process.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With 830 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
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