Art-Invest Real Estate and Norges Bank Investment Management Partner on Berlin's Axel Springer Campus

BERLIN — Art-Invest Real Estate has assumed asset management of the Axel Springer Campus in Berlin-Mitte on behalf of Norges Bank Investment Management, the firms announced Oct. 6. The appointment took effect Oct. 1, 2026, and the two companies said they intend to pursue further joint investments in office properties across Germany's major metropolitan markets over the coming years.

Art-Invest Real Estate Takes Over Axel Springer Campus Management

The Axel Springer Campus, which serves as the headquarters of Axel Springer SE, was completed in 2020. It is located at Zimmerstraße 50 in Berlin's Mitte district, directly adjacent to the former Berlin Wall border strip. The announcement described a strategic collaboration rather than a sale of the property.

The building was designed by OMA, the architecture firm founded by Rem Koolhaas. It contains approximately 52,700 square meters (about 567,300 square feet) of rental space and accommodates around 3,500 workplaces. Its central feature is a roughly 45-meter-high diagonal atrium with terraced workspaces designed to foster communication and collaboration. The property holds DGNB Gold certification and is fully leased to Axel Springer on a long-term basis.

Norges Bank Investment Management Targets Further German Office Investments

Beyond the initial asset-management mandate, Art-Invest Real Estate and Norges Bank Investment Management plan additional joint investments in office properties in Germany's leading metropolitan areas.

Guilain Decrop, Co-Head of Europe, Real Estate at Norges Bank Investment Management, said: "This alliance is intended to strengthen our presence in the German office market. We are pleased to entrust the management of the Axel Springer Campus to the experienced team at Art-Invest Real Estate. In addition, we aim to significantly expand and further diversify our German portfolio through new joint investments in prime office properties located in Germany's leading metropolitan areas. The collaboration is fully aligned with our strategy of investing alongside specialized real estate managers. We look forward to working with Art-Invest Real Estate, which has a broad presence across Germany's key real estate markets."

Markus Wiedenmann and Jan Dührkoop, Managing Directors of Art-Invest Real Estate, said: "We are delighted and honored to take over the management of the landmark Axel Springer Campus through our Berlin-based team. We also look forward to partnering with the highly professional investment team of the Norwegian sovereign wealth fund and to capitalizing on the attractive opportunities for large-scale office investments that this market cycle presents."

Berlin Office Market Context

The collaboration comes as Berlin's office market shows a split between high-quality, well-located, fully leased buildings and older or less competitive stock. Berlin office take-up reached approximately 373,000 square meters in the first half of 2026, according to BNP Paribas Real Estate figures, already exceeding the 362,000 square meters recorded during the first three quarters of 2025. JLL reported first-half leasing of 386,100 square meters, up 62% from 238,000 square meters a year earlier. Other brokerage estimates put first-half take-up at 380,400 and 385,500 square meters.

Vacancy remains elevated, ranging from 8.6% to 10.5% depending on the brokerage and market definition: JLL reported 8.6%, BNP Paribas 9.6% and Cushman & Wakefield 10.5%. Available space totals roughly 2.0 million to 2.3 million square meters. Prime rents are approximately €47 to €48 per square meter per month, with rents above €50 per square meter achieved for a limited number of premium properties.

On the investment side, BNP Paribas recorded approximately €420 million of commercial real estate investment in Berlin in the first quarter of 2026, 57% below the prior-year quarter, which included the more than €400 million Upper West transaction. Berlin's net prime office yield was reported at 4.35%, up 10 basis points. Across Germany's seven largest office markets, take-up totaled approximately 1.35 million square meters in the first half, about 5% below the prior-year period, with vacancy at roughly 8.5%.

Axel Springer previously disclosed a broader real estate sale process involving its Berlin development and the nearby Axel Springer Passage, with the combined transaction generating €755 million. That figure covers more than the campus alone.

About the Firms

Art-Invest Real Estate is an investor, developer and asset manager operating across gateway cities in Germany, Austria, the United Kingdom and Scandinavia. Established in 2010, it operates as a private partnership with the Zech Group and the managing partners as shareholders. The firm has been licensed as a regulated fund manager under German investment law (KAGB) since 2012 and has launched more than 25 regulated funds. It currently manages real estate assets of approximately €12.5 billion, with more than €6 billion of invested equity. Its sector focus is principally office, retail, hotel, residential and education.

Norges Bank Investment Management manages Norway's sovereign wealth fund, the Government Pension Fund Global. With assets of approximately NOK 22 trillion (around USD 2.3 trillion), the fund invests in international equities, fixed-income securities, real estate and renewable energy infrastructure.

Outlook

The partners said they intend to pursue further office investments in Germany's major metropolitan markets in the coming years. The Axel Springer Campus is the first asset in the collaboration.

Sources

• Art-Invest Real Estate press release, Oct. 6, 2026: https://www.art-invest.de/en/press/art-invest-real-estate-and-norges-bank-investment-management-enter-into-strategic-collaboration-for-office-investments-in-germany