CA Immo completes sale of landmark new office development, cube berlin, to Nuveen Real Estate
cube berlin was developed by CA Immo; completion took place in February 2020 after around three years of construction. Construction management was handled by the CA Immo construction subsidiary omniCon. CA Immo invested around € 100 m in the building, which was sold to Nuveen Real Estate in a share deal transaction before construction started. The closing of this transaction further strengthens CA Immo´s liquidity.
Nuveen Real Estate’s European Cities strategy committed to the project in December 2016 due to its excellent location, accessibility and commitment to the highest standards in sustainability and technology. The building has already achieved WiredScore ‘Platinum’ certification, one of the first assets in Germany to attain this, and is also expected to achieve a DGNB ‘Gold’ sustainability certificate. The asset is a fully digitalised ‘Smart Building’, which includes intelligent heating, cooling and lighting systems, as well as offering a tenant app that can be used to create room bookings, access control and for internal communications.
The office building is located between the Government district and the main railway station, next to the River Spree. It is part of the Europacity urban district development, which is one of the most important urban development areas in Berlin. The asset is 100% pre-let to tenants including Deutsche Bahn AG, Gleiss Lutz and RA Micro.
“cube berlin presented a rare and exciting opportunity to purchase a prime office building in one of the European Cities strategy’s key investment cities. Its high-quality, sustainable fit-out specification is also well aligned with our objective to create and protect assets for tomorrow’s world. Office supply in Berlin has been constrained in recent years, particularly for Grade-A space, so this new development makes a welcome addition. The finished asset provides what we believe to be one of the smartest office buildings in Berlin and provides much-needed modern office space in the city,” comments Thilo Wagner, Managing Director, Nuveen Real Estate.
Matthias Schmidt, Managing Director of CA Immo Deutschland GmbH and Head of Development Germany, said, “cube berlin and the unique architecture from 3XN have given the German capital a new sight. Furthermore, with the development of the cube berlin, we have also broken new technical ground. By digitizing the building and networking the digital building blocks in a central system – we call it "brain" – the building can be operated much more efficiently. Our claim is to develop not only high-quality buildings, but also sustainable, i.e. resource-saving and energy-efficient buildings. The use of intelligent, digital sensor technology will play a more and more important role in this respect in the future.”
Nuveen Real Estate was advised by Dentons (debt financing), Allen & Overy (legal, tax and structuring), EY (financial) and Apleona and KVL (technical). CA Immo was advised by P+P Pöllath + Partners (legal) and KPMG (tax).
Nuveen Real Estate is one of the largest investment managers in the world with $128 billion of assets under management. Managing a suite of funds and mandates across both public and private investments and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing.
With over 80 years of real estate investing experience and more than 660 employees* located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise. For further information, please visit us at nuveen.com/realestate
*Includes 320+ real estate investment professionals, supported by a further 330+ Nuveen employees.
Source: Nuveen, 31 Mar 2020.
About CA Immo
CA Immo is an investor, manager and developer specialised in modern office properties across the gateway cities in Germany, Austria, and Central Europe. The company covers the entire value chain in the field of commercial real estate including a high degree of in-house construction expertise. Founded in 1987, CA Immo is listed on the ATX index of the Vienna Stock Exchange and holds property assets worth around € 5.2 bn.