Colonial SFL and Generali Real Estate form Berlin JV

Colonial SFL and Generali Real Estate have established a strategic joint venture centred on two landmark assets in the Berlin Central Business District (CBD).

Berlin CBD assets - Colonial SFL

Under the agreement, Colonial SFL has acquired a 51% controlling stake in the vehicle holding the properties, while Generali retains a 49% minority interest and will continue as the long-term operating partner in Germany.

The portfolio, which carries a GLV of approximately €300 mln, was previously held entirely by a fund backed by local Generali companies. Closing remains subject to customary merger clearance.

The locations of the assets are ‘LindenCorso’ on Unter den Linden and ‘Atrium’ on Friedrichstrasse—two highly liquid, prime central Berlin locations.

With a combined GLA of 42,000 m2, both properties are urban mixed-use assets, primarily consisting of high-quality office spaces alongside high-street retail and premium residential units.

Current occupancy stands above 90%, backed by a diversified roster of top-tier tenants that ensures immediate, stable income with strong reversionary potential.

For Colonial SFL, the transaction marks the group's entry into the German market via a capital-light approach. It aligns with its broader European capital-recycling strategy—selectively expanding into major gateway cities and redeploying capital into prime, high-growth assets while maintaining balance sheet discipline.

The partnership allows Generali Real Estate to optimise returns and mitigate concentration risks while maintaining exposure to a key market.

By implementing targeted asset repositioning programs, the joint venture aims to capitalise on the recovery of the German economy, unlocking embedded cash flow growth and driving long-term value creation.

Pere Viñolas, CEO of Colonial SFL, said: “The acquisition of LindenCorso and Atrium as co-investors in this joint venture is aligned with our strategy of investing in Europe’s leading cities, focusing on high-quality assets with strong fundamentals and embedded growth potential. Berlin represents a natural extension of our platform.”

Aldo Mazzocco, CEO of Generali Real Estate, commented: “By sharing the ownership and management of two large core assets in the centre of Berlin (LindenCorso and Atrium), we confirm our interest in Germany’s major cities, combining our capabilities with those of Colonial. The purpose remains the same: we are pursuing everywhere in Europe to satisfy our clients, reinforcing occupancy and solid income, and preserving the capital value of our investments.”

The deal was advised by CBRE, Cuatrecasas, Gleiss Lutz, Noerr, P+P Pöllath + Partners, and TA Europe.