BERLIN, October 5, 2015 /PRNewswire/ --
The Cresco Capital Group and LJ Group, through their joint development platform Cresco Urban Yurt, have completed the acquisition of the former Victoria Insurance HQ. The developer plans to reposition the c. 25,000 m2 building at the former border between East and West as a core mixed-use commercial property to cater for the growing needs of the new media community in Berlin.
Alexander Bürk, managing director, Cresco Capital Group, said: "We are extremely excited about this acquisition and specifically about the role the building could play within this exciting micro location in the district of Kreuzberg as well as for Berlin."
Andrew Williams, Chief Executive Officer, LJ Group, said: "This is our third acquisition with Cresco in Berlin and it underlines our commitment to the team, focusing on prestigious projects in prime locations."
Dropbox photo available here: https://www.dropbox.com/sc/2jp85hdl8525y9o/AACtsJrs6GhQQzWw6mUZ-VRpa
SOURCE LJ Group