Among
the noteworthy deals of the past week was the German Civil Service
Association’s acquisition of the Park Plaza Wallstreet Berlin Mitte in Germany.
BERLIN — The
German Civil Service Association has acquired the 169-key Park Plaza Wallstreet
Berlin Mitte in Germany from German real estate investment manager Union
Investment’s Unilmmo, a German open-ended fund, for an amount reported to
be around €36 million (approximately $42.3 million).
The property
is situated in the historic center of East Berlin, approximately one kilometer
east of Checkpoint Charlie and the Gendarmenmarkt. The hotel features a
restaurant and bar, as well as five meeting rooms.
The fund has
owned the property since 1992 and converted it into a hotel in 2005, and the
operating lease is nearing expiration. The sale forms part of Union
Investment’s strategy to rejuvenate the portfolio of the UniImmo: Deutschland
fund.
To download
our list of deals from the past week in Excel format, click here.