Stettiner Carrée
Caroline-Michaelis Strasse 5 - 11
10115 Berlin


Investment Highlights

  • Improving location - this area is characterised by substantial regeneration with increasing occupation and substantial public sector investment in real estate and infrastructure
  • Quality asset - four attractive linked office buildings built in 2004 to high quality specification
  • Attractive lease expiry profile - weighted average lease term to expiry of 10.0 years
  • Quality tenant profile - leased to Deutsche Bahn (AA rated credit quality), Europe’s largest transport and logistics company, a corporatised entity owned by the German government
  • Double net lease - the property is tenanted such that all costs of repair, with the exception of structural repairs, are borne by the tenant, subject to a yearly cap of 2.5% of annual net rent


Property Statistics
Property Type Office
NLA m2 61,575
Occupancy 100%
Current Rent (per m2 pa)(1) €166
Market Rent (per m2 pa)(1) €126
WALT (by income) 10.0 years
Completion date 2004

Acquisition Summary
Ownership Interest 95% 
Purchase Price (2) €155m
Initial Yield 6.5%

Valuation Summary
Valuation (2) €184m
Valuer DTZ

Tenant Profile
Tenant Square Metres % by Area Lease Maturity Years Remaining Rent Reviews
Deutsche Bahn 32,173 52.2% Dec 2017 10.5 CPI linked
Deutsche Bahn

29,402

47.8%
Dec 2016 (3)

9.5
CPI linked
Total

61,575

100%
 

10.0
 
1. Excludes income from storage and parking
2. 100% interest
3. Break option in December 2012