The Thaerstrasse project was completed in 2010 and comprises 133 residential units, as well as 106 parking spaces and 157 bicycle racks housed in an underground car park, meeting the strategy’s accessibility and sustainability requirements. Of its 133 units, 67 are rented out as PRS units, while 66 are rented out to Caritas Internationalis – one of Germany’s largest charities – as residences for the elderly. Additionally, Caritas Internationalis operates a small office space in the building, where residents can seek assistance with their daily needs. The Thaerstrasse project also includes a playground, a retail unit and two children’s nurseries.
The asset is located in Prenzlauer Berg in the Pankow district – Berlin’s second largest district by size and largest by population. Prenzlauer Berg is extremely popular with young families, thanks to the high concentration of schools and nurseries in the area. Located close to Alexanderplatz, Prenzlauer Berg is characterized by its historic architecture, trendy bars and restaurants, as well as shopping and leisure facilities.
Marius Schöner, Head of EMEA Residential Operators Division at CBRE Investment Management, said: “It was an excellent opportunity to acquire a modern residential asset that aligns with the requirements of this particular residential strategy – to provide residential affordable, good quality and sustainable rentals while having a positive social impact. This program will provide affordable housing in a vibrant and desirable central location for key workers, seniors and general middle income households.
Over the past decade, Berlin has cemented its credentials as a young, dynamic and creative city with a growing tech and start-up scene. Economic and population growth is expected to significantly outpace the national average over the next ten years, meaning that demand for affordable residential rental assets will continue to outstrip supply for the foreseeable future.
CBRE Investment Management is a leading residential investor-operator with €12.9 billion* of residential assets under management and holds more than 200 assets for the direct real estate division. The platform has a broad presence in all major European residential markets and invests in a number of different investment strategies and programs, including three residential specialist funds; All three strategies focus on positive social impact with two of the strategies specifically created to provide good quality, sustainable and affordable rental housing.
CBRE IM was advised by Poellath & Partner (Legal), CBRE Building Consultancy (Technical) and EY (Tax). The deal was brokered by Engel & Völkers Commercial Berlin.
* The figures presented combine direct and indirect investments and aim to illustrate the presence of CBRE Investment Management in asset management in the European residential sector.