Berlin, 01 March 2023
Stable Income Europe Real Estate Fund – Macquarie II (SIEREF - Macquarie 2), jointly advised by Macquarie Asset Management and MAPFRE, has acquired an office building in Berlin from a fund managed by Ardian.
The eight-story property spans approximately 13,000m2. It is almost fully leased to strong covenant tenants and offers income security and rental upside potential. Located in the central Wilmersdorf district, the building offers great connectivity to other areas in Berlin and is in close proximity to public and private transportation.
The building has been recently refurbished in 2020 to 2022. It features a modern entrance area, a generous recreation area and a newly created terrace space, accessible for all tenants. Sustainability features include district heating, full LED lighting and green electricity throughout the property. The building has been awarded a Wired Score Gold certificate and a ‘Very Good’ rating under the BREEAM certification.
Christian Goebel, Co-Head of Macquarie Asset Management’s Core/Core-Plus Real Estate strategy, said: “In recent years we have seen a significant shift in demographics, with increased urbanisation, digitisation, and greater focus on sustainability. We are excited to add this high-quality office building to our portfolio, as we continue to invest in real estate that supports our changing world.”
Alfredo Muñoz, Real Estate General Manager at MAPFRE, said: “We are very happy to be embarking on this new venture with Macquarie. In spite of uncertainty in the macroeconomic context, MAPFRE remains focused on pursuing assets in primary markets of Europe's capitals, targeting high quality tenants to generate stable cash flows.”
Macquarie Asset Management’s global real estate team leverage their extensive network and capability across real estate investment and management to provide access to opportunities across the real estate spectrum – from partnering with specialist groups to the disciplined management of core/core+ real estate. Recently, Macquarie Asset Management acquired a historic office building in Milan’s Porta Romana district and a landmark office building in Paris.
MAPFRE Inmuebles is the MAPFRE unit through which the insurance group makes investments in the real estate sector. Since 2018, several funds have been launched with experienced partners. Currently, more than €800 million has been committed, and the strategic focus remains unchanged: seeking out prime properties in key markets across Europe’s capital cities.
Moreover, with a constant focus on sustainability, and as part of its Corporate Environmental Footprint Plan 2021-2030, MAPFRE’s aim is to build up a portfolio of buildings holding sustainability certification which, by 2030, will represent at least 50 percent of the total floor space of office buildings the company owns that have more than 3,000 m2 of space at ground level and above.
To this end, MAPFRE is prioritizing acquisitions and complete renovations that meet these criteria. Currently, 14 of its buildings (one leased and the rest owned by MAPFRE, representing 35.5 per cent of its total portfolio) hold this certification, mostly LEED (Leadership in Energy and Environmental Design).
MAPFRE is a global insurance company. It is the benchmark insurer in the Spanish market, the largest Spanish multinational insurance group in the world, the number one insurance group in Latin America and the sixth largest carrier in Europe by Non-Life premium volume. MAPFRE employs more than 31,000 professionals and in 2022, the company’s revenue was almost €29.5 billion, with net earnings of €642 million.