The CELLS Group has acquired an office tower in Potsdam for a German private investor and assumed the asset management for the property.

The ensemble of offices in Steinstrasse 104-106 is located close to the renowned Babelsberg media centre and has a leasable area of some 18,400 square metres. Until the end of May the property was used as the main administration building for the investment bank of the state of Brandenburg (ILB).

The title was transferred with all benefits and risks as of 1 April 2017. In the subsequent first three months the CELLS Group concluded lease agreements for 12,800 square metres of office space. These were primarily long-term lease agreements with public sector tenants. The occupancy rate in the property is currently 70 per cent. Additional lease agreements are to be concluded by the end of the year so as to ensure the property is leased in full in a timely manner.