We can report three letting achievements in Berlin with a total area of around 6,000 square meters. At Nahmitzer Damm 12, Commodus signed a long-term lease for around 3,800 square meters plus 80 parking spaces to Deutsche Bahn. At Storkower Strasse 132, the company secured leases with Ironhack, a programmer boot camp provider, for around 1,400 square meters and with a well-known communications provider, for around 700 square meters. We recently sold the property in the Prenzlauer Berg district to CLS Holding plc. The transaction is expected to close by the end of Q2 2021. The two long-term leases enabled full occupancy to be achieved even before the sale.
We are pleased to have repositioned the properties and once again achieved significant leasing success through the extensive work of our integrated asset management team. The leases demonstrate the continued attractiveness of the Berlin market and the need for sustainably usable space.
We had acquired the 1986 office property on Nahmitzer Damm in Berlin-Marienfelde in June 2019, transforming the 11,000-square-meter former single-tenant building with main tenant IBM into an attractive office campus. We had only recently completed the transformation of the foyer. The location in the Tempelhof-Schöneberg district offers an attractive alternative to more central Berlin office locations due to its good connections to both private transport (via the B101 and B96 federal roads) and the public transport network (S2 station Buckower Chaussee as well as various bus lines).
The office building at Storkower Strasse 132 in the Prenzlauer Berg district has a total of around 6,100 square meters of lettable space. The weighted average remaining lease term (WALT) is over eight years. Since its purchase in 2018, We had extensively remodeled the property and doubled rental income from €550,000 to circa €1.1 million. With the creation of a 250- square-meter roof terrace, the building will have yet another attractive focal point for tenants in the future. At the end of January 2021, Commodus announced the sale to CLS, which includes two further properties in Düsseldorf and Hamburg.
- Long-term lease agreement with Deutsche Bahn for 3,800 square meters at the Nahmitzer Damm 12
- Property at Storkower Strasse 132 fully let before sale to CLS