Artmax enters Germany market with office acquisition in Berlin

Sonar Real Estate GmbH, has advised Artmax AB in the acquisition of an office property in Berlin. Artmax property is part of a privately owned investment company and is headquartered in Stockholm, Sweden. This acquisition also marks the entry into the German market of company. Sonar is to take over the asset management of the property for Artmax.

The vendor is Nicolas Berggruen Holdings GmbH. The purchase price is in the mid double-digit million Euro bracket.

The property is the former Löbbecke bank, at Fasanenstrasse 77, just around the corner from Kurfürstendamm. The building provides a lettable area of c. 5,400 sqm that is fully let, mainly to lawyers, notaries and tax consultants, as well as an eye clinic.

"By acquiring Fasanenstrasse 77 we have succeeded in laying the foundation for our activities in one of Europe’s most promising office markets. The proximity to Kurfürstendamm provides a prestigious location for the tenants and, for us as investors, a wide range of potential for adding value," comments Kristoffer Ultenius, Managing Director of Artmax.

“The acquisition of this high-quality property in a prime location as well as the cooperation with Artmax is another important step in the development of Sonar and therefore we are pleased about the successful closing", adds Nick Puschkasch, Managing Partner of Sonar.

JLL, Pöllath + Partners and gfp Enders Projektmanagement exclusively advised the vendor side. Savills, Herbert Smith Freehills, and Drees & Sommer acted as consultants to the purchaser.