Commodus, the specialist for value-add investments, has acquired the property Nahmitzer Damm 12 in Berlin-Marienfelde from Amundi RE Italia SGR for its fund “Commodus Deutschland Fund II SCSp, RAIF” as part of an asset deal. The property has more than approx. 11,000 sq. m of usable office space, of which around 37 per cent is currently leased to American IT company IBM. IBM was originally the sole tenant for the property. Notice given on one part of the rental space at the start of 2018 resulted in the current vacancy level of around 63 per cent, which Commodus would like to develop and transform into an attractive “office campus”.

“We see a lot of appreciation potential in the Nahmitzer Damm property,” explains Dr Matthias Mittermeier, managing partner at Commodus. “The current starting point with well-known former single tenant IBM on board and the new potential for space opens up attractive prospects for us at this location. In a very well-developed Berlin location, we now have one of the few remaining properties in Berlin that facilitate the immediate letting of more than 5,000 sq. m of high-quality office space. At the same time, Commodus is planning to redesign the building into a multi-tenant property to expand the usage potential and increase the building’s flexibility. This new acquisition fits perfectly into the successful Commodus strategy,” says Mittermeier.

The high-quality technical set-up and building quality of the 1986 property offer excellent conditions for further exploitation. Commodus not only plans to transform the interior; it also intends to make the exterior more attractive and create high-quality communal areas. It should be possible for the flexible office space to range from open lofts to classic, separated office units. New terrace areas are just as much a part of the plans as the opening of an access path, thus shortening the route to public transport, as well as a new concept for car and bicycle parking. The park surrounding the building should be made more usable for employees in the future.

The location in Marienfelde (Tempelhof-Schöneberg district) offers an attractive alternative to office locations in central Berlin thanks to its good connections for both private transport (via the B101 and B96 highways) and to the public transport network (S2 station Buckower Chaussee and various bus lines). It takes around 35 minutes to travel to Berlin Hauptbahnhof from Nahmitzer Damm on public transport.

Abstract:

• Around 11,000 sq. m of usable office space, currently around 63 per cent vacancy rate
• High appreciation potential thanks to planned redesign into multi-tenant property and extension of building usage potential
• Vendor is asset manager Amundi RE Italia SGR for its Amundi RE Europa fund