IN A city filled with architectural landmarks, its hard to stand out from the crowd in Berlin. But the tower near the central Alexanderplatz stands out for several reasons, from its 21-storey metallic façade in a prime location to breathtaking sight lines up and down the city’s avenues.
As well as mod cons like convection heating and light-responsive sun-guards on the façade, the clever building offers simple pleasures, too. All windows are designed behind an outside panel meaning that, even on the top floors, office workers can open their window to get some fresh air.
Perhaps the most remarkable feature about this building is that it is Irish, masterminded by European Property Investments (EPI). While other Irish investors fled Berlin in recent years, EPI weathered the financial crisis and now its Mollstrasse tower block has attracted high-profile anchor tenants: the Mercedes Benz Bank, one of Germany’s leading leasing banks, and the Etap budget hotel, part of the Accor group.
The tower had a tricky birth, when the financial crisis left the original bank unable to fulfill its loan contract. “Thankfully, Germany’s DKB bank proved that there are still banks out there that understand the principle of a partnership approach with investors,” says managing partner Adrian O’Sullivan in his Berlin office.
Compared to Irish rivals – the big banks and insurance companies– he says EPI has fared better by combining on-the-ground expertise in Germany with close investor contact in Ireland. “I’m not some guy in London with a computer who sends out letters saying your investment is now zero,” he said. “I know almost all of our investors personally. We’ve always had the philosophy of treating other people’s money like our own.”
EPI has seen a steady interest in its income-generating funds from investors who are less interested in striking it rich with speculation than the steady, solid return the German property market offers. Despite the ongoing financial difficulties in Ireland, the company says it raised over €5 million for investment in Germany last year.
With over €400 million invested in Germany, EPI’s next plan is to redevelop a 90-acre island site in the heart of Bamberg in Bavaria to create a new mixed-use development. “Unlike others, our investors are part-owners in their properties, which is not to be underestimated,” said John Hickie, who manages the Irish end of operations from Limerick and Kerry. “The stability of the German property market, our considerable presence on the ground and more importantly, the relationship we have with our investors and business introducers have contributed to our success.”
