Castlelake, L.P. (“Castlelake”), a global alternative investment manager focused on asset-rich opportunities in private markets, today announced that it has invested in Boulevard Berlin, a prime retail property located in Berlin Steglitz at Schlosstrasse, one of the busiest retail centers in the city. The asset was acquired through a joint venture agreement with another investment manager and an asset manager.
Boulevard is also one of the largest retail properties in the city, with over 100 units across 90,000 sqm. The property is expected to be repositioned from a pure retail asset into a contemporary mixed-use asset comprised of office, serviced apartments, classic retail, and complementary food retail. The asset is expected to benefit from rising demand for office properties in Berlin Steglitz, driven by a sustained net migration of workers and public and private entities to Berlin. The asset is also well-positioned near public transportation, a dense residential area and public park facilities.
Castlelake has a strong history of investing in Europe, where it has acquired more than 7,000 assets across 12 European countries since its founding in 2005.