IREIT Global, a Real Estate Investment Trust focused on European properties, and Frankfurt-based Kintyre Investments GmbH have signed a significant lease agreement for the RE(O Campus in Berlin-Friedrichshain. Berliner Verkehrsbetriebe (BVG) will establish its new headquarters there, occupying an area of approximately 40,000 sq m. The legal support for this process was provided by GSK Stockmann.
The concluded lease agreement spans a period of 25 years. This transaction represents the largest office letting in Germany in 2024 to date, and simultaneously the most significant office letting in Berlin since 2020, measured by leased area. This agreement increases the occupancy rate of the RE(O Campus from approximately 25 per cent to around 75 per cent.
Background to the transaction
The RE(O Campus is located in the immediate vicinity of Berlin Ostkreuz and is currently undergoing comprehensive revitalisation into a modern mixed-use campus. Kintyre Investments GmbH acts as the operational project development manager for this project, representing the interests of IREIT Global. The collaboration with GSK Stockmann has been ongoing since 2023, encompassing the development and repositioning of the area.
Dr. Nadine Wachendorf, Partner at GSK Stockmann in the real estate investment and asset management sector, was primarily responsible on the owners' side for advising on and structuring the lease agreement. The law firm drew on its long-standing client relationship and expertise gained from legally advising on the entire development of the RE(O Campus. In addition to Berliner Verkehrsbetriebe, long-term lease agreements have already been secured for the site with Premier Inn and STAYERY.
Dr. Nadine Wachendorf commented that her team was able to contribute not only comprehensive and long-standing real estate expertise but also detailed knowledge of the property to the advisory process. She expressed her satisfaction with the successful support provided to IREIT Global and Kintyre in achieving this letting success.
The RE(O Campus as a location factor
The strategic location of the RE(O Campus at Berlin Ostkreuz, an important transport hub, significantly contributes to the attractiveness of the site. The transformation of the area into a mixed-use campus is part of a comprehensive urban development. Securing BVG as an anchor tenant underscores the value and potential of the project as a new urban centre in Berlin-Friedrichshain.
