2019-05-20 8:43 CET, Germany | Corporate Finance | Press release
The project developers of QUEST Investment Partners have acquired Emmler Lofts in Berlin’s Kreuzberg district. The property was sold by FORTIS Real Estate Investment GmbH, whose exclusive consultant was Catella Property GmbH. It has been agreed not to disclose the purchase price. The office and retail property with a rental area of around 5,000 sqm is located at 25-26 Kottbusser Damm.
QUEST Investment Partners is planning to focus on the structure’s existing period elements in its architectural repositioning of Emmler Lofts, and intends to hold the property for the longer term. The building, built in 1906 as a furniture factory, boasts high ceilings and a spacious support grid in addition to other characterful architectural features. For example, the historic plaster stuccowork and ornate steel entrances to tenant areas, not to mention the pedestal heads adorned with sculptures along the façade, will be restored. The property’s historical context is highlighted by its core tenant Woolworth: The retailer opened its first branch in Berlin in this building in 1928, and has been here ever since. The former factory building currently has an occupancy rate of approximately 88%.
The property is located in the upwardly mobile “Kreuzkölln” neighbourhood close to Hasenheide Park. In addition to excellent public transport access, the micro-location offers a number of modern restaurant concepts, an urban streetscape and the youngest
demographic within Berlin.
