Case Studies

Germany

Ampere, Berlin

Acquisition

Q3 2016

Date Sold

Q1 2020

IRR

0%

Equity Multiple

0x

The Ampere building is a unique listed property built in 1926 and is a former electricity transformer station (“Umspannwerk”), which was converted into offices in 2010. The 11,678 sqm building is located in Prenzlauer Berg, an area widely regarded as a ‘tech-cluster’ in Berlin, and increasingly popular with young creative companies.

Avignon identified the opportunity in 2016 to acquire a building with excellent upside potential. Over the past 3 years significant capital was invested into an extensive capex programme, which included improvements such as maximising undeveloped lettable space by adding mezzanine levels, opening up the basement area for workspace and improving M&E infrastructure.

The newly refurbished building achieved 100% occupancy as is now fully let to GetYourGuide, a leading tech company that agreed to a long lease to take the entire campus to create their global headquarters.

The sale of Ampere in Q1 2020 concluded the 3-year business plan to create a vibrant modern campus in which Avignon was able to deliver returns to the client that exceeded the original business plan.

Avignon Capital was retained as asset managers on the property.