Axel Springer sells two assets in Berlin

Axel Springer has sold two assets in Germany for approximately €755m. Axel-Springer-Neubau, which is currently under construction, and Axel-Springer-Passage were sold to Norges Bank Real Estate Management. Axel-Springer-Neubau, designed by architect Rem Koolhaas (OMA), is set for completion in December 2019. The 13-story building complex offers a total rental area of approximately 52,200 sqm. The Axel-Springer-Passage, which was opened in 2004, was acquired by Blackstone Real Estate Partners Europe V and QUINCAP Investment Partners. Axel Springer was advised by JLL and Hengeler Mueller in both transactions.