Jul
19
Axel Springer Sells Berlin Assets for $865M
ByA Norwegian sovereign wealth fund is the new owner of the German publisher’s future headquarters, while a Blackstone joint venture acquired the company’s current home.
In separate deals, Axel Springer has sold the Axel-Springer-Neubau and Axel-Springer-Passage, both located in Berlin, for a combined price of $865 million.
Axel-Springer-Neubau, a 13-story office building complex which is currently being developed, was acquired by Norges Bank Real Estate Management, a Norwegian sovereign wealth fund. Designed by noted architect Rem Koolhaas, the project is set to be finished in December 2019.
“We are delighted about the high level of interest in our Berlin real estate and that we were able to conclude this transaction so rapidly,” Dr. Julian Deutz, Axel Springer’s chief financial officer, said in a prepared statement. “The realized purchase price significantly exceeds our initial expectations.”…
