Goldman Sachs Fund Said to Buy Berlin Building From Commerzbank
Stock Chart for Goldman Sachs Group Inc/The (GS)
A fund managed by Goldman Sachs Group Inc. (GS) agreed to buy a building near Berlin’s Brandenburg Gate valued at about 150 million euros ($184 million) from Commerzbank AG (CBK), two people with knowledge of the matter said.
The sale of the Lindencorso building, which has apartments, offices and a Volkswagen AG (VOW) showroom, will probably be completed by the end of September, said the people, who asked not to be identified before the deal is announced. The property, at the corner of Unter den Linden and Friedrichstrasse in Berlin’s Mitte district, was built in 1997 and has 47,270 square meters (508,810 square feet) of space.
International firms have boosted their German commercial property assets over the past two years as they seek a safe European investment amid the sovereign debt crisis. Non-German buyers spent 9.3 billion euros on German offices and malls last year, the most since 2008, according to data compiled by Chicago-based brokerage Jones Lang LaSalle Inc.
Whitehall Street Real Estate Funds, managed by Goldman, is buying Lindencorso from a Commerz Real AG closed-end real estate investment fund, the people said. Whitehall already owns the leasehold.
Goldman Sachs spokeswoman Monika Schaller and Commerzbank spokesman Markus Esser declined to comment.
To contact the reporter on this story: Dalia Fahmy in Berlin at email@example.com.
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