22 October 2017
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Blackstone acquires stake in Axel Springer's Berlin HQs

18 July 17 - RE+D Magazine
Blackstone acquires stake in Axel Springer's Berlin HQs

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17 October 17 Credit Suisse Asset Management Legal & General capital

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Antulio Richetta

Director IBI Group
German publisher Axel Springer has sold its future headquarters in Berlin, currently under construction, to Norway’s sovereign wealth fund, while selling its existing home to Blackstone.

 

According to realestate.ipe.com Norges Bank Real Estate Management, which manages property investments for the €865billion oil fund, said that it bought the project for €425million.

Axel Springer sold the 100% interest in the Axel Springer Neubau office building in Berlin Mitte, which is to be completed in December 2019, entering into a sale and leaseback.

Axel Springer will move from the old headquarters to the new building in 2020. Once finished, the new headquarters will have 52,200sqm of space.

Its current home was developed in 2004 and is divided into 46,000sqm of office space and 7,000sqm of retail. OfficeFirst, Blackstone’s German office portfolio company, will manage the building.

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