According to a report in the daily newpaper “Der Tagesspiegel,” the distressed Irish project developer Ballymore is negotiating with ECE for an entry into the “Kudamm-Karree” conversion project which has been delayed for years. ECE refrained from making any comment on a possible participation. A spokesperson told TD only that “all possible retail investments in Berlin are always checked on principle.” Meanwhile, Ballymore’s project manager Ralf Bock has confirmed that talks are underway with several firms. According to reports in the media, Hines Immobilien is rumored to be another possible partner. The “Irish Times” reported that Ballymore’s managing director Paul Keogh wants to present a new partner by June for the project last estimated at approximately €500mn, adding that while Ballymore will develop the Kudamm-Karree, it will be only a minority shareholder in the planned joint venture from now on.

Union Investment Real Estate has acquired the "Neue Promenade 6" office and commercial building in Berlin-Mitte. This property expands the DIFA-Fonds Nr. 3 spezialfonds portfolio. The building at Hackescher Markt dating from 1888 and last renovated in 2010 has 3,140 sqm of rental area, of which 2,169 sqm are office space and 523 sqm retail and restaurant space. The building in Berlin’s central district is fully leased to the Mercator Foundation and the European Climate Foundation, among others. A private real estate investor was the seller. Union Investment was advised for the transaction by Immologie, a broker based in Frankfurt, and the seller was counseled by HauckSchuchardt Rechtsanwälte, also from Frankfurt. It is Union Investment's second purchase in Berlin within a short time; just this April, it bought the "Rosmarin Karree."

Within the framework of a sale and leaseback deal, Invesco Real Estate (IRE) has purchased two hotels at Alexanderplatz in Berlin for around €60mn. They are part of the "Alexander Parkside" complex and are under the Indigo (153 rooms) and the Holiday Inn (242 rooms) brands. The Azure Property Group, acting as a franchisee of InterContinental Hotels Group (IHG), is leasing both hotels back. They were opened on May 1. The hostel located in the complex was not a part of the deal. With this purchase, the number of properties in the two IRE hotel funds rises to 25, with the second fund holding eight of them.

Saturn has become another anchor tenant for the major project on Leipziger Platz in Berlin. Harald G. Huth's High Gain House Investments GmbH (HGHI) announced that the electronics chain leased roughly 3,500 sqm of retail space. With more than 200 secured lease contracts, the occupancy rate is over 93% for the project on the former Wertheim site. Huth also just acquired the neighboring plot measuring around 11,000 sqm at Vossstrasse 34/35, Wilhelmstrasse 95/96 and Leipziger Strasse 125 from Bima. In addition to the around 152,000 sqm scheduled for completion in the autumn of 2013, about 25,000 sqm of commercial space are to be created on the expansion lot as well as some 90 apartments on a floor area of about 10,000 sqm. In total, Huth's investment at Leipziger Platz will now amount to €800mn – making it currently the largest private project development in Europe, according to the developer.