Angelo Gordon and Kintyre acquire Park Center Treptow in Berlin
A joint venture partnership between Angelo Gordon, a global investment manager, and Kintyre the Frankfurt-based independent real estate investor and asset manager, have acquired Park Center Treptow in Berlin.
The 28,000 sqm landmark property currently has a primary focus on retail, with a 9,400 sqm Real,- convenience store anchoring the property, along with Rossman and other well-known national retailers. Angelo Gordon and Kintyre plan an extensive capital investment and repositioning of the property, with plans to deliver a vibrant mixed-use, inner-city landmark next to the new Berlin city motorway, connecting Airport Berlin Brandenburg to the Media Spree district. This project is combining the functional live/leisure/work fundamentals that typifies Kintyre’s urban regeneration projects.
This is the second regeneration/redevelopment project that Angelo Gordon and Kintyre have acquired in Berlin together in the past 18 months.
Adam Pearce of Kintyre said: "This is a very exciting opportunity to transform this very well-known property into a modern mixed-use precinct. This acquisition forms part of Kintyre’s wider strategy of building a portfolio of well-located urban regeneration and ‘Stadtquartier’ development projects.”
Marcel Hertig of Angelo Gordon said: "We really like the immediate neighborhood of Park Center with all of its hip bars, clubs and event spaces between Elsenbrücke and Oberbaumbrücke. Located next to S-Bahn ‘Treptower Park’, the asset has tremendous potential for creative ideas that we plan to unlock with our partner Kintyre."
Angelo Gordon and Kintyre were advised by law firm Greenberg Traurig, design and planning consultancy by Graft, and technical and engineering due diligence were provided by Gleeds and GrbV respectively. Kintyre will become responsible for the management of Park Center Treptow with immediate effect.