New owner for the Upper West skyscraper: Schoeller strikes!

New owner for the Upper West skyscraper: Schoeller strikes!

The German industrial family Schoeller has completed a billion-dollar deal: it acquired the impressive Germany headquarters of the failed real estate company Signa in Berlin, which is widely known as Upper West. After months of negotiations, according to Tagesspiegel , Schoeller signed the purchase contract last Friday. As the best bidder in the tender procedure, the final transfer of ownership will take place in the first quarter of 2025.

The amount of the purchase price remains under lock and key, but in media reports a sum of almost half a billion euros is suspected. Part of the financial burden is to be covered by a 200 million euro loan, which Schoeller has granted the insolvent Signa. During the heyday, Signa paid 4.2 million euros in rents a year for the entire building, which also includes a luxury apartment. The information show that the total rent of the high-rise is 18 million euros at the end of 2022

The impressive building

The Upper West is an architectural land brand in the Berlin City West with 120 meters and 33 floors, in the immediate vicinity of the memorial church. On an area of ​​around 55,000 square meters, it combines office space, retail and catering areas and a hotel. Schoeller has become rare in the takeover of insolvent real estate in recent years, most recently for projects in Italy. In 2024, the family also took over the Luxembourg division of Signa, which bundles the most valuable properties in the group. This purchase fits seamlessly into the strategy of acquiring and revitalizing valuable properties in difficult economic times.