Deka Immobilien has successfully sold the Edison Höfe in Berlin following a holding period for almost 13 years. The buyer of the building complex, which includes office and commercial space in a prime city location on Invalidenstraße / Schlegelstraße, is an institutional investor. The parties have agreed not to disclose the purchase price.
The Edison Höfe had been part of the portfolio of the institutional public fund WestInvest ImmoValue since 2013 and generated stable returns throughout the holding period. With this sale, the fund management is taking advantage of a market opportunity and selling the property at a price significantly above the initial purchase price.
The ensemble consists of the modern, seven-storey Torhaus (built in 2012) and the listed Fabrikhöfe – eight individual buildings grouped around a central courtyard, dating back to 1880. These were refurbished between 2002 and 2004. In total, the property offers around 27,700 square metres of lettable space – comprising office, retail, residential and storage areas – as well as 129 car parking spaces. The complex is almost fully let. The main tenant is HERE Germany, a global provider of cloud-based map services.
The name Edison Höfe recalls the site’s historical use: from 1883 to 1905, the Deutsche Edison-Gesellschaft produced the first electric light bulbs in Germany here.