Asset management company Commerz Real has purchased the landmark Mynd office high-rise and Galeria Weltstadthaus store at Berlin Alexanderplatz.
The purchase from European developer and investor SIGNA Prime is for its open-ended real estate fund Hausinvest. The project is currently under construction. Upon completion in 2025 the project will have a total leasable area of more than 100,000 square metres.
The real assets subsidiary of Commerzbank previously held a 20% stake in the complex. SIGNA will continue to be the project development partner.
Eight department stores
At the same time, SIGNA Prime has acquired 20% stakes in eight department stores from Hausinvest, which the fund had held since 2019. These are three of the premium brand Galeria Weltstadthaus stores, at Hauptwache in Frankfurt am Main, Königsallee 1-9 in Düsseldorf and Hohe Strasse in Cologne, as well as the buildings, Am Wehrhan 1 in Düsseldorf, Rotkreuzplatz / Pötschnerstrasse 5 in Munich, Remigiusstrasse 20 in Bonn, Ernst-August-Platz 5 in Hanover, and Kurpfalzstrasse P1 in Mannheim. Both parties have agreed not to disclose the purchase prices. The partnership in the joint project Elbtower in Hamburg is not affected by this transaction. Upon completion at the end of 2025, the landmark property with a height of 244 metres will be the tallest building in Hamburg. The transaction in Berlin is still subject to approval by the Federal Cartel Office.
Hausinvest fund manager Mario Schüttauf, says, “Thanks to its absolutely central location and superb connections from a logistical stance, as well as its modern office areas and diverse possibilities for usage, Mynd will be the new highlight in central Berlin. For this reason, we have decided to acquire the entire construction project for our investors, and together with SIGNA as the project development partner realise Berlin’s most sustainable high-rise property.”
Timo Herzberg, CEO SIGNA Real Estate says, “With the Elbtower in Hamburg’s HafenCity and now Mynd at Berlin Alexanderplatz we are realising what are probably two of Germany’s most outstanding high-rise developments together with Commerz Real.”
Mynd tower being built on the department store
The 134-metre-high Mynd tower is being constructed to plans drawn up by the Berlin-based architectural office Kleihues und Kleihues; it will encompass about 32,000 square metres of flexible office space with a panoramic view of Berlin.
With a generous and open design the office spaces are to be fitted with modern, intelligent technology and floor-to-ceiling windows. In addition there will be more than 7,000 square metres of communal space, which are intended to unite the different experience areas of a major city in one location in the form of a “vertical village”. 1,000 square metres have been pledged to the State of Berlin for public service-oriented commercial usage.
On the first basement level and the ground floor around 2,500 square metres have been reserved for a high-quality food area and small-scale retail outlets. On the two upper floors a “food-culture market” is planned on an area of around 7,900 square metres, uniting indulgence, culture and shopping. The generously proportioned roof terrace with a view of Berlin’s television tower is to be open to the public.
Pioneering sustainability concept
Mario Schüttauf says, “In addition to the unique location, we were particularly enthusiastic about the pioneering sustainability concept as early as the construction stage.” For instance, thanks to material savings about 30% less concrete is required compared to conventional construction projects – and thus carbon dioxide emissions are lower. Geothermal energy ensures resource-efficient heating and cooling, with the use of heating and cooling energy being optimised by heat/cold pumps and above all through the use of waste heat generated by the existing building and which has not been utilised to date.
Peak demand is to be met using district heating. Moreover, a photovoltaic system covering nearly 3,900 square metres is to satisfy part of the electricity requirements. The remaining demand for energy is to be met exclusively with green electricity. Other measures include intelligent lighting, elevator and ventilation systems. Each year about 600 cubic metres of rainwater are also to be collected and utilised. It is intended to seek certification to LEED Platinum (ecological sustainability), WELL Gold (health and well-being of future users), as well as Wiredscore (digital networking).
