Union Investment has completed the sale of the Park Plaza “Wallstreet” Hotel in Berlin to the German Civil Service Association for approximately €36 million, a figure notably above the property’s most recent expert valuation. The price premium is linked to the expiring lease, which offers new value-add opportunities for the buyer. “Berlin is an attractive location for national and international investors and, at the same time, a market with expansion potential for many hotel operators. Following refurbishment, the Park Plaza offers the opportunity for re-letting or can be operated as an owner-operator,” said Madeleine Groß, Head of Investment Management Hotel at Union Investment. The sale is part of a broader strategy to rejuvenate the portfolio of UniImmo: Deutschland, the open-ended real estate fund that has held the asset since 1992. Originally built in 1910 as a commercial property, the building was converted and expanded for office use in 1995 before being redeveloped into a hotel in 2005. Today, it comprises 169 rooms and is situated in Berlin-Mitte, a central office and business district. Union Investment was advised on the transaction by BNP Paribas Real Estate, Willkie, Farr & Gallagher, Alber & Schulze, and Heuking.