DLA Piper advises Incus Capital on a EUR60 million financing for the acquisition and refurbishment of a Berlin office building

DLA Piper has advised Incus Capital, a European investment management firm specialising in real assets and headquartered in Madrid, on the financing of the acquisition and refurbishment of an office building in Berlin, located near the KaDeWe. As part of the transaction, Incus provided a senior tranche of EUR60 million to a pan-European value-add fund managed by an internationally active real estate private equity firm. This transaction marks Incus’s first deal in the German market following the opening of its Frankfurt office in June 2024.

The property offers approximately 10,000 square meters of rental space and is partially leased. The sponsor plans to undertake a comprehensive refurbishment of the building, including sustainable upgrades in line with the highest ESG standards. The modernisation efforts will also include moderate densification to enhance the building’s appeal to prospective tenants. The sponsor is an experienced and leading European value-add asset manager with extensive experience in refurbishing office properties in Germany, particularly in the Berlin market.

In addition to client relationship partner Fabian Mühlen (Real Estate, Frankfurt), the team was led by partner Michaela Sopp and counsel Tobias Daubert (both Finance, Munich/Frankfurt). Also involved were senior associate Muhammet Yavuz (Real Estate, Cologne) and senior transaction specialist Laura Sollacher (Finance, Munich).