BERLIN--(BUSINESS WIRE)--As part of a strategic initiative to grow the company internationally and expand into new markets, San Diego, California-based Westcore Properties’ Europe Division has purchased a historic, well-known office complex in Berlin, Germany currently called Anthropolis. This transaction marks Westcore’s first acquisition in the German commercial real estate marketplace.
The 395,036-square-foot building complex is located in the Reinickendorf area of Berlin and features six buildings, with two of these buildings designated as historic. The office complex is well suited for Berlin’s growing international and technologically oriented businesses, and offers a green campus-like feel in an urban setting. Westcore plans to upgrade and rebrand the office park in the coming months.
“This acquisition launches our entry into the German market, where we plan to acquire up to $300 million of additional properties over the course of the next 24 months,” said Marc Brutten, founder and chairman of Westcore Properties. “Germany, and Berlin in particular, are a strong risk adjusted return profile for office, retail and industrial assets in the marketplace. The German market has been resilient to the recession felt in neighboring countries and offers good stability and opportunity for our investment program there.”
Westcore currently owns and operates a portfolio of 2 million square feet of industrial and office assets throughout Western Europe. Westcore maintains offices in London, Geneva and Berlin as well as in Amsterdam where it is committed to acquiring value added and opportunistic real estate assets for its own account.
Robert Roethenmund, director at RR Development, who completed the transaction on behalf of Westcore, stated that improvements to the property are already under way and there is active interest from new tenants. Westcore Properties purchased the property from the Archon Group and the purchase price was not disclosed.
About Westcore Properties
Westcore Properties is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $4 billion in industrial and office assets comprised of more than 750 buildings totaling more than 35 million square feet. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in San Francisco, Oakland, Sacramento, and Denver. The firm's European offices are located in Geneva, Switzerland, London, England, Berlin, Germany and Amsterdam, Netherlands.