US billionaire Warren Buffett to buy Berlin's priciest real estate
Buffett's Berkshire Hathaway HomeServices is entering into the Berlin market through a franchise agreement with with Rubina Real Estate, which oversees high-price Berlin apartments.
Rubina Real Estate works with foreign investors to secure high price apartments in the Berlin market. The company buys properties in the most expensive parts of Mitte, Köpernick and Zehlendorf, reported the Berliner Zeitung on Tuesday.
Until now, the clientele of the company - which as of April will operate under the name Berkshire Hathaway HomeServices Rubina Real Estate - has hailed mainly from China, India and the Middle East. Berkshire Hathaway, founded in 2013, has also mostly concentrated on the U.S. market.
Berkshire Hathaway, however, is already acquainted with the German market, having purchased a stake in German chemical company Lanxess AG last year, and in 2015 took over Hamburg motorcycle dealer Louise.
Rubina is not the first Berlin-based buyer of high-end apartments for foreign investors, reported the Handelsblatt. Ziegert, which also secures high-priced flats, began cooperating with international realtor Knight Frank a year ago.
Four months earlier, JLL, the world's second largest real estate service provider, acquired the Berlin-based Zabel Properties.