DERECO and KLINGSÖHR establish project joint venture
11/2019 – DERECO and KLINGSÖHR establish project joint venture

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A new joint venture between the Berlin-based KLINGSÖHR Group and the multi-family office for real estate assets DERECO from Cologne has acquired a plot earmarked for commercial development in the Neukölln area in Berlin. The JV partners intend to construct a new complex for offices and other commercial purposes.

Thanks to the foreseeable completion of the A100 motorway extension plus its proximity to several stations of the circular light railway and a number of bus stops and underground stations, the property will be ideally connected to the transport network. After several years of preparations, Estrel Tower and an attached Congress Centre are set to be built nearby from early 2020.

“We are delighted to lay the foundations for future cooperation to benefit our two companies. Considering how well Mr Klingsöhr and his team had paved the ground and taking into account the future prospects for this location, persuading us didn’t take much of an effort,” says David Noll, DERECO’s CIO.

“Berlin-Neukölln is a particularly innovative district with extremely high growth rates we’ve been focussing on for a long time. We are pleased to be able to realise such an exciting property in an up-and-coming location together with our new partners, DERECO,” says Stefan Klingsöhr, Managing Director of the Klingsöhr Group.

A pre-permit has been granted for the planned construction. In total, the JV intends to develop approx. 10,000sqm of gross floor space on the plot (approx. 4,200sqm in size). The project is scheduled to be completed by 2022.

The JV partners obtained advice from Drees & Sommer, Dusseldorf, and from the Berlin branch of Taylor Wessing.