GERMAN CIVIL SERVICE ASSOCIATION ACQUIRES PARK PLAZA BERLIN FROM UNION INVESTMENT

The German Civil Service Association has acquired the four-star, 169-room Park Plaza Wallstreet Berlin Mitte in Germany, from German real estate investment manager Union Investment’s Unilmmo: Deutschland open-ended fund, for an amount reported to be around €36 million (€213,000 per room).

The property is situated in the historic centre of East Berlin, approximately 1 km east of Check Point Charlie and the Gendarmenmarkt. The hotel includes a restaurant & bar and five meeting rooms. The fund has owned the property since 1992, converting it into a hotel in 2005, and the operating lease is nearing expiry. The disposal forms part of Union Investment’s strategy to rejuvenate the portfolio of the UniImmo: Deutschland fund.