PORTFOLIO: FUND II
19,000 sm mixed use office-resi-hotel complex in Berlin-Mitte
Chaussehof is a muti-use building complex in the heart of Berlin – a 10 minute walk east from the main train station and south to Friedrichstrasse – and around the corner from the new German intelligence agency headquarters. Adjacent to the landmarked office building is a 3-star modern Mercure hotel next door and a 44 unit residential building. The complex surrounds an inner courtyard with an outdoor area and glass enclosed atrium.
Refurbished and rebuilt during the tech bubble, this project was bought from a group that had taken control of the non-performing loan on the asset. A quick, all-cash purchase enabled ASG to acquire the project at an amount well-below replacement cost. Aside from a good entry price, ASG sees potential in redeveloping the under-utilized space in the building.
Once stabilized, ASG financed the building and subsequently sold the residential units and hotel in two separate transactions.