(BERLIN) – Hines, a global real estate investment, development, and property manager, in a joint venture with five German pension funds, have acquired land to develop a high-quality mixed-use scheme combining both office and residential units spanning 60,000 square meters in Berlin-Schöneberg. The off-market transaction, located on Gotenstrasse and Ella-Barowsky-Strasse, is scheduled for completion in 2026. The parties have agreed not to disclose the purchase price.
The project is in the direct vicinity of the already completed and fully leased city quarter Südkreuz (“Stadtquartier Südkreuz”). The future-oriented city quarter established by Hines comprises 664 residential units, a comprehensive range of services and amenities as well as an office property. Located within the Schöneberger Linse, which is part of the popular residential area "Rote Insel", the location offers convenient access to the A100 motorway and the Südkreuz local and long-distance train station. Berlin city center is only six minutes away by public transport. The main train station can be reached in approximately 15 minutes and the airport BER in circa 25 minutes by car.
Christoph Reschke, senior managing director at Hines in Germany, says: “The location is in what Hines believes to be one of Berlin's largest, most dynamic areas and is extremely attractive for tenants and buyers both from a residential and commercial perspective. We have seen strong occupier demand for our completed city quarter Südkreuz and believe that this will be another successful development. The project should benefit considerably from our experience at Südkreuz, and we look forward to working with the district to further shape the future of the entire Schöneberger Linse together.”
Joachim Wintzer, managing director at Hines in Germany, adds: “We are planning a sustainable neighborhood development with a strong commitment to implementing extensive ESG criteria including the 'social' aspect. Additionally, we will seek to reduce the operational CO2 consumption of the building by implementing new digital technology and interfaces for tenants. Our general focus is to deliver a dynamic and flexible scheme using technology to create a digitized project. The new building aims to become our best ESG development in Germany, setting new standards and complementing our pioneering project at Südkreuz.”
Measures include a digital platform for tenant communication that creates incentives to lower energy consumption and serves as a mobility hub for its users. The hybrid construction method with recycled concrete should help to significantly reduce embodied carbon. Hines intends to pursue WiredScore certification and a DGNB (German Sustainable Building Council) award for the new building.
Hines, a global real estate investment, development, and property manager founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management valued at approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
Since entering Europe in 1991, Hines has grown its European platform to include offices in 17 cities as well as a presence in 60 cities in 14 countries. Hines oversees investment assets under management valued at approximately €24.5 billion and provides third-party property-level services totaling 4.3 million square metres in Europe, in Austria, Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Poland, Spain and the United Kingdom.
Since the opening of its site in Germany in 1991, Hines has acquired or developed a total of 64 properties with an overall surface area of almost 3 million square metres for Hines or on behalf of external clients, including properties such as Werfthaus and Silberturm in Frankfurt, Zoom and Stadtquartier Südkreuz in Berlin, Hofstatt, Uptown München, OSKAR, Tucherpark, aer and MediaWorks in Munich, the Überseequartier Nord district in Hamburg, the Benrather Karree and Kö-Quartier in Düsseldorf, Friesenquartier in Cologne and the Postquartier, Karlshöhe and Kronprinzbau 1+2 in Stuttgart. Hines currently manages a portfolio of €9.6 billion in assets under management and also provides third-party management services for numerous properties.
Visit www.hines.com for more information.
¹Includes both the global Hines organization as well as RIA AUM as of 31 December 2021.