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Becken sells project development "Neo Büro am Ku'damm" to HanseMerkur Grundvermögen

• HanseMerkur Grundvermögen AG secures the "Neo" for special real estate funds
• Becken builds around 8,000 square meters of rental space on seven floors
• Completion of the shell in 2020, handover to the user in the first half of 2021
• Long-term full lease to the International Workplace Group (IWG)

Hamburg, November 24, 2020. The Hamburg-based real estate company Becken has successfully sold the fully let Berlin project development "Neo Büro am Ku'damm" on Knesebeckstrasse. The nationwide specialist for the development and realization of commercial and residential properties concluded the contract for the sale of the office and commercial building as part of a forward deal with HanseMerkur Grundvermögen AG. The construction project is fully leased to the International Workplace Group (IWG) for 15 years. The shell is scheduled for completion at the end of 2020. Overall completion and handover to the user are planned for the second half of 2021.

Dominik Tenhumberg, Managing Director of Becken Development GmbH, says: "We are delighted that we were able to convince the future user of the 'Neo Büro am Ku'damm' of the special new building even before the start of construction and to sign the full occupancy agreement. The early sale of the office and commercial building also shows that we are also realizing a very attractive real estate investment for the buyer and seller." Ulrich Haeselbarth, authorized signatory at HanseMerkur Grundvermögen AG, emphasizes: "Due to its excellent location, convincing architecture and long-term lease, the 'Neo Büro am Ku'damm' is an excellent addition to our real estate portfolio. We are very pleased to be able to further expand our long-standing partnership with the Becken Group with this purchase."

Tenhumberg explains: "The planners at Nöfer Architekten from Berlin have succeeded in giving the 'Neo Büro am Ku'damm' an elegant appearance with its façade made of light-colored natural stone, the use of high-quality materials and individual details, thus enhancing the urban development of Knesebeckstrasse. The green inner courtyard with a water feature will enhance the quality of the space and serve as a haven of peace for future office users in the immediate vicinity of Ku'damm."

Becken is building a total of around 8,000 square meters of rental space on seven floors. The building has a flexible floor plan structure with freely movable room modules on each floor, which enables both single and multi-tenant use. The two basement levels contain 62 car parking spaces, a further 150 bicycle parking spaces and additional electric charging stations.

Becken acquired two partial plots of land in Berlin-Charlottenburg for the project development in 2015 and 2016. The existing buildings were demolished in 2019 following the termination of a hotel lease. The sale of the "Neo Büro am Ku'damm" project development took place "offmarket" and was supported by the legal advisors Wiegel Ihde Ekrutt + Partner and, on the buyer side, by Norton Rose Fulbright.