PORTFOLIO: FUND II
Metropol Park (Berlin)
Stunning, art deco style landmark 28,000 sm building in Berlin Mitte
ASG purchased this stunning, landmark protected brick building out of insolvency. ASG’s ability to work quickly and close in an all cash transaction provided the edge to secure the investment despite interest from multiple parties.
The highest and best use of the building was redevelopment into residential condominiums given the quiet, residential feel of the neighborhood close to the heart of Berlin that commands some of the highest condo prices in the city. The strong architecture combined with the location, compounded by a steady increase in demand for residential condominiums provides a good fit with ASG’s philosophy of pursuing value-add investments that have an opportunistic return profile with rock-solid fundamental drivers.
Unit sales began in summer 2014 and construction will begin soon thereafter. For more information, click the video link below.